NEW YORK, Nov. 17, 2016 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in TerraVia Holdings, Inc. (“TerraVia” or the “Company”) (NASDAQ: TVIA ) of the January 17, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased TerraVia stock or options between August 8, 2016 and November 7, 2016 (the “Class Period”). The case, Perales v. TerraVia Holdings, Inc. et al , No. 16-cv-06633 was filed on November 16, 2016.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that its algae products could potentially cause illness to costumers.
Specifically, on November 7, 2016, Bloomberg reported that TerraVia sent a letter to a distributor in July 2016 warning that TerraVia had received reports showing that algal protein in Soylent products can cause gastrointestinal distress. Mark Brooks, senior vice president at TerraVia, said that whole algal flour is safe and that Soylent products contain several known irritants, such as soy protein isolate and glycerin, which can cause symptoms similar to those reported by the startup’s customers.
On this news, TerraVia’s share price fell from $1.85 per share on November 6, 2016 to a closing price of $1.70 on November 7, 2016—a $0.15 or an 8.1% drop.
Request more information now by clicking here: www.faruqilaw.com/TVIA . There is no cost or obligation to you.
Take Action
If you invested in TerraVia stock or options between August 8, 2016 and November 7, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/TVIA . You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com . Faruqi & Faruqi, LLP also encourages anyone with information regarding TerraVia’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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FARUQI & FARUQI, LLP 685 Third Avenue, 26th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. rgonnello@faruqilaw.com Telephone: (877) 247-4292 or (212) 983-9330
