NEW YORK, Jan. 7, 2013 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC, announces that a class action has been filed on behalf of purchasers of the securities of Neptune Technologies & Bioresources Inc. (“Neptune” or the “Company”) (Nasdaq CM: NEPT -News), who purchased shared during the period between December 12, 2011 and November 8, 2012, inclusive, (the “Class Period”), concerning whether the company and certain of its officers and directors have violated federal securities laws.
The complaint alleges that, throughout the Class Period, defendants lauded the future benefits of the massive expansion underway at the Company’s Sherbrooke production plant the Company’s sole production facility which housed all of its inventory. Specifically, the complaint alleges that, during the Class Period, defendants issued materially false and misleading statements regarding the Company’s operational status and financial projections, and failed to disclose the following adverse facts: (a) the Company had installed larger acetone storage tanks at the Sherbrooke production plant that facilitated their storing dangerously high levels of acetone that exceeded those permitted by the certificate of authorization issued by the Quebec Ministry of Environment in 2002; (b) the Company had failed to obtain permission from the Quebec government to commence expansion of the Sherbrooke production facility; (c) the Company had been chasing market share at the cost of margins and would see its profit margins collapse by the end of the Class Period; and (d) as a result, the Company was not on track to “maintain [its] operational performances, execute [its] growth strategy, [or to] continue delivering positive results.” The trading of Neptune stock was halted following this explosion and upon its resumption on November 27, 2012, it proceeded to close down almost 32% from its closing price prior on the day prior to the explosion.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact either Peretz Bronstein or Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email eitan@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. February 18, 2013, is the deadline for investors to seek a lead plaintiff appointment.
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.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman, 212-697-6484
eitan@bgandg.com
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