TVIA.US
id: 1072
TerraVia (TVIA) Algal Flour Issues Settlement
N.D. California
Court3:16-cv-06633
Case number05/04/2016
Class period Start11/06/2016
Class period End05/23/2024
Claim deadlineTerraVia (TVIA) agreed to settle $2.5M with shareholders to end claims over the algal flour issues.
Case Details:
On November 7, 2016, Bloomberg reported that an algal flour ingredient from TerraVia caused digestive issues in Soylent, a meal replacement drink by Rosa Foods.
Despite TerraVia's denial, Bloomberg revealed a warning letter to a Honey Stinger distributor about similar problems linked to algal protein.
Following this news, $TVIA dropped by 8%, causing harm to investors.
Based on these events, TerraVia was accused of neglecting to reveal the following details:
- TerraVia's algal flour caused stomach problems, making it less competitive in the nutrition foods market.
- TerraVia is said to have exaggerated how well its algal flour would sell, resulting in false statements to the public.
TerraVia has now decided to end these allegations and pay a $2.5M settlement.
Case Status
Disbursement
Alleged Offence
Mismanagement,
Misleading Statements,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Filing date
11/16/2016
Plaintiffs
Craig Taffel, Casey Minnick, Dimitrios Daniil, Ali Alkhateeb, Yisroel Lieber
Attorneys
Levi & Korsinsky, LLP
Defendants
Jonathan S. Wolfson, Apurva S. Mody, Tyler W. Painter
Judge
Hon. James Donato
Administrator
Strategic Claims Services
Settlement agreement date
2024-01-05
Court hearing date
06/13/2024
Exclusion deadline
05/23/2024
Objection deadline
05/23/2024
Hearing deadline
05/23/2024
Trades matching type
FIFO
+$2,500,000
Cash Settlement AmountFrequently Asked Questions
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