Class action suit launched against Metabolix

In New York, the law firm Levi & Korsinsky have started a class action lawsuit on behalf of investors who purchased Metabolix common stock between March 10, 2010 and January 12, 2012.  The complaint alleges that between those two dates, Metabolix and certain company officers made materially false and misleading statements and omissions regarding Metabolix’s business and operations.

Specifically alleging that Telles, a Metabolix and ADM joint venture, would not meet its commercial phase benchmark by mid-2010 or even in 2011, which would have allowed Metabolix to receive royalty payments and payments from Telles.  Further allegations include that Metabolix failed to acknowledge that its Mirel bioplastic was not a commercially viable product.