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TVIA.US
id: 1072

TerraVia (TVIA) Algal Flour Issues Settlement

N.D. California
Court
3:16-cv-06633
Case number
05/04/2016
Class period Start
11/06/2016
Class period End
05/23/2024
Claim deadline
TerraVia (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 Amount

Frequently Asked Questions

TerraVia Holdings Inc

DELISTED - TVIA INC

    Ticker
    TVIA.US
    CIK
    1311230
    Sector
    Other
    Industry
    Other
    Country
    USA
    Address
    225 Gateway Boulevard 94080, San Francisco