Dyadic International Inc. Case 10/12/2007

04/20/2010 - A settlement has been reached in the amount of 225,000,000 dollars in the Dyadic International case. The affected class period is 10/29/04 to 4/23/07with a strict deadline of 09/13/2010 for claim filing.

Dyadic International, Inc. announced on April 19, 2010, 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.

According to Dyadic International, Inc. 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.

10/12/2007 - According to a law firm press release, the complaint asserts claims against defendants Dyadic International, Inc., and certain directors and officers, for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The complaint alleges operational and financial improprieties perpetrated by the Company and its Asian subsidiaries, and knowingly and/or recklessly approved by the defendants, which culminated in an internal investigation and subsequent firing of the Company’s Chairman and Chief Executive Officer. As a result of the improprieties in the Company’s Asian subsidiaries and the subsequent internal investigation, the Company has abandoned its Asian operations and the Company’s stock, which was artificially inflated as a result of the material omissions and misstatements contained within the Company’s publicly filed financial statements and reports, is no longer publicly traded and is at risk of being delisted, resulting in total loss of equity for owners of Dyadic’s securities.