NEW YORK, Nov. 16, 2016 /PRNewswire/ -- Attorney Advertising--Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against TerraVia Holdings, Inc. ("TerraVia" or the "Company") (NASDAQ: TVIA) and certain of its officers, and is on behalf of shareholders who purchased or otherwise acquired Arrowhead securities between August 8, 2016 and November 7, 2016, both dates inclusive (the "Class Period"). Such investors are advised to join this case by visiting the firm's site: http://www.bgandg.com/tvia.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements and/or failed to disclose that: (1) TerraVia's products caused gastrointestinal problems, including nausea and vomiting; and (2) consequently, Defendants' statements about TerraVia's business, operations, and prospects were false and misleading and/or lacked a reasonable basis at all relevant times.
On November 7, 2016, Bloomberg broadcasted a news report, "Soylent Thinks It Found What Was Making People Sick: Algae." The article described how Soylent, Rosa Foods, Inc.'s meal replacement drink, includes an algal flour ingredient provided by TerraVia. This ingredient has caused Soylent consumers to become sick and Rosa Foods said it will remove the ingredient by early 2017. Mark Brooks, TerraVia's Senior Vice President denied that the Company's algal flour was responsible for making consumers sick, however Bloomberg added that TerraVia had sent a letter in July to EN-R-G Foods, LLC, a separate customer, warning that TerraVia's algal protein ingredient had been linked to a "modest number of reports" with similar complaints and ailments, like nausea and vomiting, connected with EN-R-G's Honey Stinger energy bar. Following this news, TerraVia stock dropped $0.15 per share, or 8.11%, to close at $1.70 on November 7, 2016.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/tvia or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in TerraVia you have until January 17, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.