NEW YORK, Jan. 19, 2013 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Neptune Technologies & Bioressources Inc. ("Neptune" or the "Company") (NasdaqCM: NEPT).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose issues with Neptune's Sherbrooke, Quebec manufacturing plant, including that: (1) Neptune had installed large acetone storage tanks, storing dangerously high levels of acetone that exceeded the limits established by the Quebec Ministry of Environment in 2002; and (2) the Company had failed to obtain authorization from the Quebec government before launching the expansion of its Sherbrooke facility.
Following a fatal explosion and fire at Neptune's Sherbrooke plant, and the subsequent halt to trading of the stock by the Nasdaq Stock Exchange on November 8, 2012, the price of Neptune's stock plunged $1.18 per share – approximately 32% of its closing price on November 7, 2012 – when trading resumed on November 26, 2012.
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If you purchased Neptune stock or options between December 12, 2011 and November 8, 2012 and would like to discuss your legal rights, visit www.faruqilaw.com/NEPT. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com or firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Neptune's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Francis McConville, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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