I think TerraVia isn’t healthy, literally and figuratively. Best to jettison that dreg and move on.
Sounds like they may have already… if there is a new 2.0 formulation and the last of the Terravia algal oil shipped last week, we may see the new version in what, 4-6 weeks?
They have a backup RTD formulation, but they also have stockpiled algae.
Now I’m curious what the shelf-life of algae is.
(I’ll take “Things I never thought I’d say” for $500, Alex.)
I would say RF was TOO tight lipped/polite about blaming TV. As one example, the release notes just say it was removed. No indication as to why. Though that would be self-damaging, too.
Let’s say they blamed TerraVia and then when its products were removed, similar complaints continued? That would be kind of embarrassing, wouldn’t it? Isn’t the most prudent course to see where the evidence leads first, before assigning blame? If the complaints disappear now, there will be no need to blame. The indication will be that RL made the best guess about the cause of the problem.
They could give additional information without definitively blaming.
Has RL gone through a name change that I missed? Why do you keep referring to them as ‘RF’?
I noticed that too; I assumed it stood for Rat Finks or something about Radio Frequency!
Yes, they changed to Rosa Foods. Did you know that they were originally called Meow Global Networks?
Interesting. Even on the site they refer to:
Meow Global Networks, Inc. d/b/a Rosa Foods, Inc. (“Rosa Foods, Inc.,” “we,” “our,” or “us”) understands that privacy is important to our online visitors to our web site and online services.
Elsewhere on the site they still refer to Rosa Labs in some places.
They falsely refer to themselves as “Soylent” too.
We where called Rosa Labs and Meow Global Networks at the same time. We just consolidated our name to Rosa Foods to keep things simple.
Cool, hadn’t seen the change. Yeah, they’ve been Meow from the beginning.
Sad that cutting edge producers of environmentally friendly foodstuff are being attacked because a tiny percentage of folks had allergic reactions. I don’t see people with soy or gluten allergies suing manufactures of foods containing soy or gluten. Just because we have a new food product that a few people happen to be allergic to, I don’t believe it means we should be attacking them legally.
So much for innovation.
The class is not those with reactions to TerraVia’s products, it is shareholders who were allegedly misled by TerraVia over the months it knew about its products making consumers sick but did not publicly disclose that information. IANAL, but there are additional responsibilities that publicly-traded companies have re: disclosures and public statements.
Basically, they are alleging that TerraVia misled investors, who may not have invested their money in the company if the investors knew that TerraVia’s products had been making people sick, which TerraVia knew but did not disclose until months later. AFAIK it doesn’t matter if it was making 0.1% or 50% of people sick if their responsibility was to disclose the truth; staying silent about a known product issue is the problem.
The lawsuit covers August 8 through November 7, during which time TerraVia’s stock price was $1.70-$2.70. It is currently $1.05. So an investor could have lost anywhere from 38-61% of their investment if they bought during that time period and held until now (assuming I did the math correctly).
Fair enough… they should have been more transparent. But I think there is a difference between 50% and 0.1%. 0.1% can probably be effectively managed (although TV clearly did not).
I just hate to see innovators stifled by our litigious culture.
Everybody hates to see innovators stifled by our litigious culture. But in this case innovation is being stifled by the innovator’s refusal to be honest with its product performance.
Sad to see Algae-based food take a step back. Not sad to see a company like TerraVia seemed to be go under attack.