Omega Protein Corporation was founded in 1913 as a fishing operation. As of 2015 it still operated a fishing fleet, and produced food ingredients, dietary supplements and animal feed. Their products included fish oil, fish meal, and proteins.

According to the law firm press release, the lawsuit alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the SEC is requesting information in connection with an investigation relating to Omega’s subsidiary’s compliance with its probation terms and Omega’s protection of whistleblower employees; (2) it is possible that the foregoing matter could result in a material adverse effect on Omega’s business, reputation, results of operation and financial condition; and (3) as a result, Defendants’ statements about Omega’s business, operations and prospects were materially false and misleading and/or lacked a reasonable bases at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

On May 19, 2017, this case as transferred to the Southern District of New York.

On July 14, 2017, this case was consolidated into lead case 1:17-cv-02448-PKC. A consolidated Complaint was filed on July 18. A second consolidated Complaint was filed on October 27. Defendants filed a Motion to Dismiss the second consolidated Complaint on January 5, 2018. On September 7, the Court issued an Order granting Defendants' Motion to Dismiss.