NEW YORK, Feb. 29, 2012 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Metabolix, Inc. ("Metabolix" or the "Company") (NASDAQ: MBLX).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) Metabolix's 'Telles' joint venture with ADM would not meet the project's commercial phase benchmark as early as mid-2010, or even in 2011; (2) the Company would not receive royalties or payments from services related to Telles; and (3) that Mirel was not a commercially viable product and would fail to offer value to Metabolix and its shareholders.
On January 12, 2012, Metabolix issued a press release announcing that ADM had given notice that it was terminating the Telles joint venture. ADM disclosed that their decision was the result of uncertainty about Telles' projected capital and production costs, ongoing concerns about the rate of market adoption of the joint venture's products, and the inability of the joint venture to deliver sufficient results in a reasonable time frame. On this news, shares of Metabolix collapsed by approximately 57% to close on January 13, 2012, at a multi-year low of only $2.54 per share.
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If you purchased Metabolix securities between March 10, 2010 and January 12, 2012 and would like to discuss your legal rights, visit www.faruqilaw.com/MBLX. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org or email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Metabolix's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
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New York, NY 10017
Attn: Richard Gonnello, Esq.
Francis McConville, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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