NEW YORK, June 25, 2015 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of Solzyme, Inc. ("Solazyme" or the "Company") (NASDAQ: SZYM), concerning whether the board has breached its fiduciary duties to shareholders.
Solazyme is a San Francisco-based bioproducts company that produces sustainable oils from microalgae. The Company uses an industrial fermentation process to transform plant-based sugars into triglyceride oils, which are used in a wide range of products.
The Company is currently facing allegations that it concealed material information regarding the production capacity of its oil producing facility in Moema, Brazil. We are investigating whether the Company improperly concealed ongoing construction delays caused by insufficient access to utility services. The true state of the facility was not revealed to the public until November 5, 2014 when the Company disclosed it needed to "narrow [its] production focus to smaller volumes of higher value products." On this news, Solazyme stock fell nearly 60% in one day.
Our investigation concerns whether the Company board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing.
If you own Solazyme shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Robert I. Harwood, Esq.
Benjamin I. Sachs-Michaels, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
Email: [email protected]
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Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
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SOURCE Harwood Feffer LLP