SOURCE: Rosen Law Firm

February 27, 2009 21:00 ET

The Rosen Law Firm Files Securities Class Action Charging NutraCea With Violations of the Federal Securities Laws -- NTRZ

NEW YORK, NY--(Marketwire - February 27, 2009) - The Rosen Law Firm today announced that it has filed a class action lawsuit on behalf of all purchasers of NutraCea common stock (OTCBB: NTRZ) during the period from August 14, 2007 through and including February 23, 2009 (the "Class Period").

To join the NutraCea class action, go to the website at http://rosenlegal.com or call Laurence Rosen, Esq., or Timothy W. Brown, Esq., toll-free at 866-767-3653 or email lrosen@rosenlegal.com or tbrown@rosenlegal.com for information on the class action.

The case is pending in the United States District Court for the District of Arizona as case no 2:09-cv-00406-FJM. You can obtain a copy of the complaint from the clerk of court or you may contact counsel for plaintiffs Laurence Rosen, Esq., or Timothy W. Brown, Esq., toll-free at 866-767-3653 or email lrosen@rosenlegal.com or tbrown@rosenlegal.com.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER. YOU MAY ALSO RETAIN COUNSEL OF YOUR CHOICE.

The complaint charges NutraCea and certain of its officers and directors with violations of Section 10(b) and Section 20(a) of the Securities Exchange Act of 1934 by issuing materially inaccurate financial statements to the investing public. On February 23, 2009, NutraCea announced that it would be restating revenue for the quarterly periods from the second quarter of 2007 through the fourth quarter of 2008 and for the fiscal year ended December 31, 2007. The restatement is due to NutraCea's improper recognition of revenue on two transactions in 2007. Of the approximately $22.2 million of revenue reported for 2007, NutraCea estimates that $4.6 million will be reversed. News of the pending restatement caused NutraCea's stock price to fall significantly, damaging investors.

A class action lawsuit has already been filed on behalf of NutraCea shareholders. If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to join the litigation or to discuss your rights or interests regarding this class action, please contact plaintiffs' counsel, Laurence Rosen, Esq., or Timothy W. Brown of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at lrosen@rosenlegal.com or tbrown@rosenlegal.com.

The Rosen Law Firm represents investors throughout the world, concentrating its practice in securities class actions and shareholder derivative litigation.

Contact Information

  • Contact:

    Laurence Rosen, Esq.
    Email Contact

    Timothy W. Brown, Esq.
    Email Contact

    Phillip Kim, Esq.
    Email Contact

    The Rosen Law Firm P.A.
    350 5th Avenue, Suite 5508
    New York, New York 10118
    Tel: (212) 686-1060
    Weekends Tel: (917) 797-4425
    Toll Free: 1-866--767-3653
    Fax: (212) 202-3827
    www.rosenlegal.com