Neptune Relieved from Defending Class-Action Lawsuit

QUEBEC, CANADAA class-action lawsuit filed against Neptune Technologies & Bioressources, Inc. and certain officers has been dismissed, the company said Tuesday.

Neptune said it didn't make any payments in connection with the dismissal.

Plaintiffs voluntarily dismissed the case without prejudice. That means they aren't barred from filing another lawsuit against Neptune.

The complaint was filed last year in federal district court in New York on behalf of Neptune shareholders.

It alleged the defendants violated the Securities Exchange Act of 1934. Neptune and certain officers were accused of issuing material false and misleading statements in connection with the company's business, operations and financial prospects.

"We are pleased the plaintiffs recognized their claims were without merit and moved for dismissal," Henri Harland, president and chief executive officer of Neptune, said in a statement.

Samuel Rudman, a partner with the law firm Robbins Geller Rudman & Dowd LLP, which filed the lawsuit against Neptune, did not immediately respond to an emailed request for comment.