Case Page

 

Case Status:    DISMISSED    
On or around 05/13/2013 (Stipulation and order of dismissal (voluntary dismissal))

Filing Date: December 19, 2012

According to a law firm press release, The complaint alleges that the Company issued a series of materially false and misleading statements to investors misrepresenting its business success and future prospects. Specifically, the complaint alleges that defendants made false and misleading statements regarding Neptune's highly publicized expansion of its Sherbrooke production facility because it failed to disclose that it had not acquired the required building permits. The planned expansion would have allowed Neptune to increase its production capacity of krill oil from 150,000 kg per year to 500,000 kg per year, increasing profit margins, revenues, and earnings. Further, according to the complaint, Neptune failed to disclose that it had installed larger than permitted storage tanks in its Sherbrooke facility, allowing the Company to store dangerously high levels of acetone. As a result of these misrepresentations and omissions, Neptune's stock traded at artificially high prices during the Class Period reaching a high of $5.14 per share on July 2, 2012.

Then, on November 8, 2012, an explosion and fire at the Sherbrooke plant destroyed Neptune's only production and storage facility, and damaged its expansion facility, then under construction. On this news, NASDAQ Capital Market halted trading of Neptune's stock until November 26, 2012. When trading resumed on November 27, 2012, Neptune's share price fell $1.18 per share, or approximately 32%, from its November 7, 2012 closing price.

On May 8, 2013, the Court issued an Order appointing lead plaintiffs and approving the selection of lead counsel.

On May 9, 2013, the parties entered into a Stipulation and agreed to voluntarily dismiss this case without prejudice.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: Canada

SECURITIES INFORMATION:

Ticker Symbol: NEPT
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: S.D. New York
DOCKET #: 12-CV-09272
JUDGE: Hon. Thomas P. Griesa
DATE FILED: 12/19/2012
CLASS PERIOD START: 12/12/2011
CLASS PERIOD END: 11/08/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
  2. Zeldes Haeggquist & Eck, LLP
    625 Broadway, Suite 1000, Zeldes Haeggquist & Eck, LLP, CA 92101
    619.378.0442 619.342.7878 ·
No Document Title Filing Date