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TVIA.US

TerraVia (TVIA) Algal Flour Issues Settlement

N.D. California
Court
3:16-cv-06633
Case number
04 May 2016
Class period Start
06 Nov 2016
Class period End
23 May 2024
Claim deadline
  • TerraVia (TVIA) agreed to settle $2.5M with shareholders to end claims over the algal flour issues.
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.
Alleged Offence
Mismanagement
Misleading Statements
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Filing date
16 November 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
13 June 2024
Exclusion deadline
23 May 2024
Objection deadline
23 May 2024
Hearing deadline
23 May 2024
Trades matching type
FIFO
+$2,500,000
Total Settlement Amount
Created by Polina Foster, Scout

TerraVia Holdings Inc

DELISTED - TVIA INC

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