HARTFORD, Conn., Oct. 16, 2007 (PRIME NEWSWIRE) -- The law firm of Schatz Nobel Izard P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of Florida on behalf of all persons who purchased the common stock of Dyadic International, Inc., ("Dyadic") (AMEX:DIL) between November 10, 2006 and April 23, 2007, inclusive (the "Class Period").
The Complaint alleges that Dyadic and certain of its officers and directors violated federal securities laws. Specifically, the Complaint alleges operational and financial improprieties perpetrated by the Company and its Asian subsidiaries 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. The Company's stock, which was artificially inflated as a result of the material omissions in the Company's publicly filed financial statements, is no longer publicly traded and is at risk of being delisted, resulting in total loss of equity for owners of Dyadic's securities.
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. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
While Schatz Nobel Izard P.C. has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz Nobel Izard P.C. toll-free at (800) 797-5499, or by e-mail at firm@snilaw.com, or visit our website: www.snilaw.com.