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Neptune Technologies & Bioressources Inc
Symbol C : NTB
Shares Issued 60,064,730
Close 2012-12-19 C$ 2.03
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Neptune, officers sued over Sherbrooke acetone levels

2012-12-20 02:42 ET - News Release

Mr. Andre Godin reports

NEPTUNE COMMENTS ON FILING OF LAWSUIT

Neptune Technologies & Bioressources Inc. has learned it and certain of its officers were named as defendants in a purported class action lawsuit filed by Robbins Geller Rudman & Dowd LLP on Dec. 19, 2012, in the U.S. District Court for the Southern District of New York. The complaint charges Neptune and certain of its officers with alleged violations of the Securities Exchange Act of 1934. The complaint has been filed on behalf of all persons or entities which purchased the common stock of Neptune during a specified period.

Neptune believes that the claim is completely without merit and that it has substantial and meritorious legal and factual defences, which Neptune intends to pursue vigorously. Amongst those defences, Neptune reiterates that it has duly demonstrated that acetone levels stored inside and/or outside its Sherbrooke plant or used in the production of its krill oil products did not at any time exceed the levels permitted by the Quebec Ministry of Environment. Neptune had obtained the required construction permits for its plant expansion and was in the process of obtaining the required environmental permit for the expansion. As previously disclosed, the notice alleging environmental non-compliance received by Neptune from the Quebec Ministry of Environment on Nov. 16, 2012, related to specific equipment acquisitions by Neptune and its plant expansion, but had nothing to do with the level or the compliance of acetone levels.

Neptune continues to work on the implementation of its action plan to resume operations announced on Nov. 26, 2012.

We seek Safe Harbor.

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