WAYNE, Pa., Sept. 9, 2014 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in United States District Court for the District of New Jersey on behalf of investors who acquired Enzymotec Ltd. ("Enzymotec" or the "Company") (NASDAQ: ENZY) securities pursuant and/or traceable to the Company's Registration Statement and Prospectus issued in connection with the Company's initial public offering on or about September 27, 2013, and/or on the open market between September 27, 2013 and August 4, 2014, inclusive.
Enzymotec shareholders may, no later than November 4, 2014, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Enzymotec and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/enzy. You may also email Mr. Maniskas at firstname.lastname@example.org.
Enzymotec develops, manufactures and markets bio-active lipid ingredients used in the production of various nutritional products. The Company's primary source of revenue is through its baby formula business, including the popular InFat line of products. The Complaint alleges that the Registration Statement and Prospectus contained materially false and misleading statements and omitted material information, and that defendants misrepresented and/or failed to disclose throughout the Class Period the following: (1) that Enzymotec's Chinese business was subject to material and readily identifiable compliance regulations from the Chinese government; (2) that the Company's baby formula business in China was jeopardized and subject to increased volatility and decreased revenues; (3) that the Company's joint venture with AarhusKarlshamn AB, which marketed the popular InFat product, was crumbling and subjected the Company to liability and decreased revenues; and (4) that Defendants' positive statements about the Company's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On May 14, 2014, the Company disclosed for the first time that "Chinese regulations require infant formula manufacturers to make certain changes to their production chain," and as a result the Company's revenues were lower. Then, on August 5, 2014, the Company further disclosed the increased impact of the Chinese regulations on its sales of infant formula, and announced financial results that were significantly lower than the prior year in almost all respects. As a result of this news, Enzymotec shares declined $5.85 per share, or nearly 40%, to close on August 5, 2014, at $9.11 per share, on volume of more than 1 million shares.
If you are a member of the class, you may, no later than November 4, 2014, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
SOURCE Ryan & Maniskas, LLP