Norfolk County Retirement System v. Solazyme, Inc.

Updated: October 08, 2015
Status: Ongoing Case
On June 24, 2015, Labaton Sucharow filed a class action complaint on behalf of investors in Solazyme, Inc., a bioproducts company that produces consumer oils using an algae-fermentation process, alleging securities fraud and other violations of the federal securities laws. Specifically, the complaint alleges that from February 27, 2014 through November 5, 2014, Solazyme made false and misleading statements and concealed material adverse facts related to the construction, scalability, and outlook for a significant sugarcane processing plant Solazyme was developing in Moema, Brazil. 

While its securities were trading at artificially inflated prices as a result of these misrepresentations, Solazyme issued more than $60 million in stock and nearly $150 million in notes in two registered public offerings. On October 8, 2015, the court appointed Labaton Sucharow as co-lead counsel on behalf of the putative class, and counsel then filed a consolidated complaint, adding further detail concerning the securities violations. The case continues to be actively litigated in federal court in the Northern District of California.

Case Materials