Lasky & Rifkind, Ltd., a law firm with offices in New
York and Chicago, announces that a lawsuit has been filed in the
United States District Court for the District of Maryland, on behalf
of persons who purchased or otherwise acquired publicly traded
securities of Martek Biosciences Corporation ("Martek" or the
"Company") (NASDAQ:MATK) between December 9, 2004 and April 27, 2005,
inclusive, (the "Class Period"). The lawsuit was filed against Martek,
Henry Linsert, Jr., and Peter L. Buzy ("Defendants").
If you are a member of this class and wish to view a copy of a complaint and join this class action, please e-mail us at investorrelations@laskyrifkind.com and request a copy of the complaint and a plaintiff certification. If you are a member of the Class, you may move the Court no later than July 5, 2005 to serve as a lead plaintiff for the Class. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. However, if you choose to remain an absent class member, unless and until a class is certified, you are not represented by counsel.
The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that the Company failed to disclose or misrepresented that Defendants had put into place a system which allowed customers to build a moderate safety level of inventory, and that Defendants manipulated its channels of distribution, flooding the Company's few customers with excess inventory in order for the Company to make its financial projections and complete a stock offering.
On April 27, 2005, after the market closed, Martek provided an earnings update and revealed that it now anticipated a decrease in third quarter sales, after having reported rapidly increasing sales and product supply shortages. Shares of Martek reacted dramatically to the whipsaw by the Company, shedding $32.49 per share, or nearly 46% on very heavy volume.
If you bought Martek securities between December 9, 2004 and April 27, 2005, inclusive, and would like to obtain information about the lawsuit, then you are invited to call (800) 495-1868 to speak with an advisor.
If you are a member of this class and wish to view a copy of a complaint and join this class action, please e-mail us at investorrelations@laskyrifkind.com and request a copy of the complaint and a plaintiff certification. If you are a member of the Class, you may move the Court no later than July 5, 2005 to serve as a lead plaintiff for the Class. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. However, if you choose to remain an absent class member, unless and until a class is certified, you are not represented by counsel.
The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that the Company failed to disclose or misrepresented that Defendants had put into place a system which allowed customers to build a moderate safety level of inventory, and that Defendants manipulated its channels of distribution, flooding the Company's few customers with excess inventory in order for the Company to make its financial projections and complete a stock offering.
On April 27, 2005, after the market closed, Martek provided an earnings update and revealed that it now anticipated a decrease in third quarter sales, after having reported rapidly increasing sales and product supply shortages. Shares of Martek reacted dramatically to the whipsaw by the Company, shedding $32.49 per share, or nearly 46% on very heavy volume.
If you bought Martek securities between December 9, 2004 and April 27, 2005, inclusive, and would like to obtain information about the lawsuit, then you are invited to call (800) 495-1868 to speak with an advisor.
© 2005 Business Wire
