JUPITER, Fla., April 19 /PRNewswire-FirstCall/ -- Dyadic International, Inc. (Pink Sheets: DYAI) ("Dyadic") announced today an agreement to resolve the consolidated stockholder class action lawsuit against Dyadic and certain of its current and former officers and directors which was initially filed in October 2007.
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The litigation, Miller v. Dyadic International, Inc. et al, pending in the United States District Court for the Southern District of Florida, asserted class action claims under federal securities laws based on allegations of misstatements and omissions by Dyadic and certain of its current and former officers and directors arising out of alleged improprieties at Dyadic's Asian subsidiaries. The final settlement of this lawsuit is conditioned upon the approval of a Stipulation of Settlement which has been submitted by the parties to the Court. The Stipulation of Settlement provides for payment to the alleged class of $4.8 million in cash to be funded by Dyadic and its insurance carriers. If approved by the Court, the settlement will lead to dismissal of the lawsuit with prejudice. As reported in Dyadic's consolidated financial statements for the year ended December 31, 2009, Dyadic established a reserve in connection with the class action lawsuit which is adequate to cover the costs associated with resolving this matter.
Mark Emalfarb, President and Chief Executive Officer of Dyadic stated, "While Dyadic and its current and former officers and directors continue to firmly deny all allegations of wrongdoing, we also believe it is in the best interests of Dyadic and its stockholders to eliminate the continuing expense and disruption of litigation to our business and put this matter behind us. Settling this lawsuit removes a significant obstacle for Dyadic and allows us to continue the momentum we have gained over the past eighteen months, enabling us to better apply our resources in continuing to advance and leverage Dyadic's products and technologies."
About Dyadic
Dyadic is a leading-edge early-stage biotechnology company that uses its patented and proprietary technologies to conduct research, development and commercial activities for the discovery, development, manufacture and sale of products and solutions for the bioenergy, industrial enzyme and biopharmaceutical industries. Please visit Dyadic's website at www.dyadic.com.
Cautionary Statement for Forward-Looking Statements
Certain statements contained in this press release are forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause Dyadic's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Except as required by law, Dyadic expressly disclaims any intent or obligation to update any forward-looking statements.
SOURCE Dyadic International, Inc.
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(Logo: http://www.newscom.com/cgi-bin/prnh/20091214/DYADICLOGO )
The litigation, Miller v. Dyadic International, Inc. et al, pending in the United States District Court for the Southern District of Florida, asserted class action claims under federal securities laws based on allegations of misstatements and omissions by Dyadic and certain of its current and former officers and directors arising out of alleged improprieties at Dyadic's Asian subsidiaries. The final settlement of this lawsuit is conditioned upon the approval of a Stipulation of Settlement which has been submitted by the parties to the Court. The Stipulation of Settlement provides for payment to the alleged class of $4.8 million in cash to be funded by Dyadic and its insurance carriers. If approved by the Court, the settlement will lead to dismissal of the lawsuit with prejudice. As reported in Dyadic's consolidated financial statements for the year ended December 31, 2009, Dyadic established a reserve in connection with the class action lawsuit which is adequate to cover the costs associated with resolving this matter.
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Mark Emalfarb, President and Chief Executive Officer of Dyadic stated, "While Dyadic and its current and former officers and directors continue to firmly deny all allegations of wrongdoing, we also believe it is in the best interests of Dyadic and its stockholders to eliminate the continuing expense and disruption of litigation to our business and put this matter behind us. Settling this lawsuit removes a significant obstacle for Dyadic and allows us to continue the momentum we have gained over the past eighteen months, enabling us to better apply our resources in continuing to advance and leverage Dyadic's products and technologies."
About Dyadic
Dyadic is a leading-edge early-stage biotechnology company that uses its patented and proprietary technologies to conduct research, development and commercial activities for the discovery, development, manufacture and sale of products and solutions for the bioenergy, industrial enzyme and biopharmaceutical industries. Please visit Dyadic's website at www.dyadic.com.
Cautionary Statement for Forward-Looking Statements
Certain statements contained in this press release are forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause Dyadic's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Except as required by law, Dyadic expressly disclaims any intent or obligation to update any forward-looking statements.
SOURCE Dyadic International, Inc.
