BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that it is investigating potential claims against Metabolix, Inc. (“Metabolix” or the “Company”) (NASDAQ:MBLX) and its Board of Directors concerning possible breaches of fiduciary duties by the Company or its fiduciaries. Metabolix is a bioscience company that develops and commercializes technologies for the production of polymers and chemicals in plants and in microbes.
The investigation concerns allegations in a civil lawsuit filed in the United States District Court for the District of Massachusetts alleging that Metabolix failed to disclose that (i) the Company’s joint venture with Archer Daniels-Midland Company (“ADM”) to establish a sales company, Telles LLC, to market and sell Metabolix’s “Mirel” bioplastics product, would not meet its commercial phase benchmark as early as mid-2010, or even in 2011, which would allow Metabolix to receive royalty payments and payments from services from Telles LLC, and (ii) Mirel was not a commercially viable product that would offer value to Metabolix. The Complaint alleges that on January 12, 2012 the Company announced that ADM had given notice of termination of the Telles LLC joint venture because uncertainty about projected capital and production costs, combined with the rate of market adoption, led to projected financial returns for ADM that were too uncertain.
If you purchased shares of Metabolix prior to March 2010 and still hold those shares, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.