Gainey McKenna & Egleston Announces That an Action Has Been Filed Against the Officers and Directors of Solazyme, Inc. (SZYM)

NEW YORK, Jan. 15, 2016 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that an action has been filed in the United States District Court for the Northern District of California against the directors and/or officers of Solazyme, Inc. (“Solazyme” or the “Company”) (NASDAQ:SZYM).  The action alleges that the officers and directors of Solazyme breached their fiduciary duties of loyalty, good faith and candor that resulted in substantial harm to the Company.

The Complaint further alleges that Defendants each breached their duties of loyalty and good faith by allowing Defendants to cause, or by themselves causing, the Company to make false and/or misleading statements and/or failing to disclose that: (a) Solazyme’s Moema Facility was experiencing difficulties due to insufficient access to electricity and steam utility services; (b) the Moema Facility’s design and construction relating to the internal transfer of materials and recovery of end products caused it to suffer from problems not present at the Company’s other facilities; (c) the Moema Facility could not scale its production in a cost effective manner; (d) the Company lacked adequate internal and financial controls; (e) as a result of the foregoing, Solazyme lacked a reasonable basis for its projections relating to the Moema Facility’s progress and the Company’s outlook; and (f) the Company’s financial statements were materially false or misleading at all relevant times.

If you are an investor in Solazyme securities and wish to discuss your rights, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].