Case Page

 

Case Status:    DISMISSED    
On or around 09/20/2013 (Court's order of dismissal)

Filing Date: February 17, 2012

According to a press release dated February 17, 2012, the complaint alleges that during the Class Period, the Company, and certain controlling individuals of the Company, made fraudulent material misrepresentations and omissions regarding the Company’s business and operations. Among other things, the complaint alleges that defendants materially misrepresented and/or failed to disclose the following adverse facts: (i) that the a joint venture would not meet its commercial phase benchmark as early as mid-2010, or even in 2011, which would allow the Company to receive royalty payments and payments from services from the joint venture; (ii) that one of the Company’s products was not commercially viable that would offer value to the Company and its shareholders; and (iii) that, as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its prospects.

On January 12, 2012, the Company issued a press release announcing that its Partner had given notice of termination of the joint venture. The Partner disclosed it terminated the joint venture because uncertainty about projected capital and production costs, combined with the rate of market adoption, led to projected financial returns for the Partner that were too uncertain. On the same day, the Partner further disclosed that the joint venture was not delivering sufficient results now and was not expected to deliver sufficient results in a reasonable timeframe. Upon this news, the Company’s shares declined approximately 57%, to reach a multi-year low of $2.54.

On July 31, 2012, the Court issued an order appointing co-lead plaintiffs and approving the selection of co-lead counsel.

On August 14, 2012, the Court issued an Order granting a Motion for Reconsideration. The Court vacated the above July 31 Order and appointed new lead plaintiff and lead counsel.

On October 15, 2012, the Plaintiffs filed their amended complaint.

On September 20, 2013, the Court issued a Memorandum and Order granting the Defendant's Motion to Dismiss the Amended Complaint.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: MBLX
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Massachusetts
DOCKET #: 12-CV-10318
JUDGE: Hon.Douglas P. Woodlock
DATE FILED: 02/17/2012
CLASS PERIOD START: 03/10/2011
CLASS PERIOD END: 01/12/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Block & Leviton LLP
    155 Federal Street, Suite 1303, Block & Leviton LLP, MA 02110
    (617) 398-5600 (617) 507-6020 ·
  2. Gardy & Notis, LLP
    501 Fifth Avenue, Suite 1408, Gardy & Notis, LLP, NY 10017
    212-905-0509 212-905-0508 ·
No Document Title Filing Date
COURT: D. Massachusetts
DOCKET #: 12-CV-10318
JUDGE: Hon.Douglas P. Woodlock
DATE FILED: 10/15/2012
CLASS PERIOD START: 03/10/2010
CLASS PERIOD END: 01/12/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Levi & Korsinsky LLP (DC)
    1101 30th Street, NW; Suite 115, Levi & Korsinsky LLP (DC), DC 20007
    ·
  2. Matorin Law Office, LLC
    18 Grove Street, Suite 5, Matorin Law Office, LLC, MA 02482
    (781) 453-0100 ·
No Document Title Filing Date