WASHINGTON– LAWFUEL – Law Firm Newswire –The law firm Cohen, Milstein, Hausfeld & Toll, P.L.L.C. has filed a lawsuit in the United States District Court for the Southern District of Florida on behalf of its client and on behalf of other similarly situated purchasers of Dyadic International, Inc. (“Dyadic” or the “Company”) (AMEX: DIL – News) common stock between April 5, 2006 through and including April 23, 2007 (the “Class Period”).
The complaint charges Dyadic and one of its officers and directors with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”). It is alleged that defendants omitted or misrepresented material adverse facts about the Company’s financial condition, business prospects, and revenue expectations during the Class Period. Dyadic is a biotechnology company with operations in the U.S. and abroad. The Company purports to use its patented and propriety technologies to conduct research and development activities for the discovery, development, and manufacture of products enabling solutions to the bioenergy, industrial enzyme, and pharmaceutical industries, and was actively traded on the American Stock Exchange.
The complaint alleges that, during the Class Period, defendants issued numerous materially false and misleading statements which caused Dyadic’s securities to trade at artificially inflated prices. More specifically, the complaint alleges operational and financial improprieties perpetrated by the Company and its Asian subsidiaries, and knowingly and/or recklessly approved by the defendants, which culminated in an internal investigation and subsequent firing of the Company’s Chairman and Chief Executive Officer Mark A. Emalfarb. As a result of the improprieties in the Company’s Asian subsidiaries and the subsequent internal investigation, the Company has abandoned its Asian operations and the Company’s stock, which was artificially inflated as a result of the material omissions and misstatements contained within the Company’s publicly-filed financial statements and reports, has not been publicly-traded since April 24, 2007 and is at risk of being delisted, resulting in total loss of equity for owners of Dyadic’s securities.
According to the complaint, on April 24, 2007, the Company shocked the market and announced that it discovered potentially material operational and financial improprieties at its Asian subsidiaries. As a result of these findings, the complaint alleges that the Company began an independent investigation and placed the Company’s Chief Executive Officer and Chairman on leave. The complaint also alleges that the Company announced that its “previously filed financial statements, including those contained in its Annual Reports on Forms 10-KSB and Quarterly Reports on Form 10-QSB, as filed with the SEC, should no longer be relied upon.” Finally, the complaint alleges that all trading in the Company’s securities was halted because of the alleged improprieties. Thus, the complaint alleges that the Company’s shares have still not yet had an opportunity to lose their artificial inflation.
If you are a member of the class, you may, no later than December 11, 2007, request that the Court appoint you as Lead Plaintiff of 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 remain an absent class member.
Cohen, Milstein, Hausfeld & Toll, P.L.L.C. has significant experience in prosecuting investor class actions and actions involving securities fraud. The firm has offices in Washington, D.C., New York, Philadelphia, Chicago, San Francisco, and London, and is active in major litigation pending in federal and state courts throughout the nation. You may visit the firm’s website at www.cmht.com.
The firm’s reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm to lead positions in complex multi-district or consolidated litigation. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total in the billions of dollars.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
Steven J. Toll, Esq.
Cohen, Milstein, Hausfeld & Toll, P.L.L.C.
1100 New York Avenue, N.W.
West Tower, Suite 500
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: [email protected] or [email protected]