Dyadic International has confirmed that the final resolution of the consolidated stockholder class action lawsuit, Miller v. Dyadic International, Inc. et. al, has been approved and the lawsuit dismissed with prejudice. Dyadic is a biofuels company that is focused on developing technologies to produce cellulosic ethanol from corn stover and wheat straw.
The lawsuit was originally filed in October of 2007 and asserted class action claims against its Asian subsidiaries based on allegations of misstatements and omissions by Dyadic and certain of its current and former officers and directors arising out of alleged improprieties. The company created a cash reserve in connection with the class action lawsuit that will adequately cover the cost of resolving the matter.
“We are pleased to put this matter behind us so we can continue focusing on growing our business through the ongoing sale of enzymes and the monetization of our C1 platform technology through potential licensing arrangements and other collaborations,” concluded Mark Emalfarb, President and Chief Executive Officer of Dyadic.