On or around 09/21/2020 (Date of last review)
Filing Date: November 16, 2016
According to the law firm press release, the lawsuit alleges throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that: (1) TerraVia’s products caused gastrointestinal distress, such as nausea and vomiting; and (2) as a result, Defendants’ statements about TerraVia’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis at all relevant times. On November 7, 2016, Bloomberg reported that TerraVia sent a letter to a distributor in July warning that TerraVia had received reports showing that algal protein can cause gastrointestinal distress. On this news, shares of TerraVia fell $0.15 per share or over 8% to close at $1.70 per share on November 7, 2016, damaging investors.
On April 7, 2017, the Court appointed Lead Plaintiffs. The Court appointed a Lead Counsel on April 18. Lead Plaintiffs filed an amended complaint on April 26. Defendants filed a Motion to Dismiss the amended Complaint on December 3. On February 4, 2020, the Court issued an Order partially granting Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint. On June 1, Plaintiffs filed a consolidated second amended Complaint.
Company & Securities Information
Defendant: TerraVia Holdings, Inc.
Sector: Consumer Non-Cyclical
Industry: Food Processing
Headquarters: United States
Ticker Symbol: TVIA
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.
First Identified Complaint
Ruben Perales, et al. v. TerraVia Holdings, Inc., et al.