Amyris, Inc. Sued by Investor
SAN DIEGO & EMERYVILLE, Calif., May 21, 2013
SAN DIEGO & EMERYVILLE, Calif., May 21, 2013 /PRNewswire/ --Shareholder
rights attorneys at Robbins Arroyo LLP announce that a purchaser of Amyris,
Inc. (NASDAQ: AMRS) securities has filed a complaint in the U.S. District
Court for the Northern District of California. The complaint alleges that
Amyris and certain of its officers and directors violated the Securities
Exchange Act of 1934 between April 29, 2011 and February 8, 2012 (the "Class
Period"). Amyris is a renewable products company that produces various
alternatives to a range of petroleum-sourced products for the specialty
chemical and transportation fuel markets worldwide.
Amyris Is Accused of Making False and Misleading Statements Regarding Its
Ability to Sustain Commercial Production of Biofene
The complaint alleges that during the Class Period, Amyris and its President
and CEO issued a series of materially false and misleading statements
concerning the true nature of the company's operations and prospects. On
April 29, 2011, according to the complaint, the company announced that it had
designed a facility capable of the sustained commercial production of Biofene.
Then on May 5, 2011, the company indicated that it expected to produce 6
million to 9 million liters of Biofene in 2011 and an additional 40 million to
50 million liters in 2012. According to the complaint, those statements were
false and misleading because the scalability of the company's production to
commercial levels was unsuccessful, and the company's representations
regarding their ability to achieve the expected production capacities had no
basis in fact.
Amyris Stock Price Falls Dramatically on the Announcement of Reduced
On November 1, 2011, Amyris reported that it lacked the ability to produce the
volume of Biofene that it previously projected, and was reducing its
production projections dramatically. On this news, the company's stock price
dropped 20% to close at $15.47 per share on November 2, 2011. On February 9,
2012, the company announced that it was having additional problems producing
Biofene at commercially viable levels and that the previously estimated 40
million to 50 million liters of Biofene for 2012 were being scrapped.
Moreover, the company reported that it was no longer anticipating positive
cash flow from operations in 2012. As a result of this news, the company's
stock price dropped 28%, or $2.74 per share, to close at $6.99 per share.
If you purchased or otherwise acquired Amyris stock during the Class Period
and wish to serve as lead plaintiff, you must act no later than July 15,
2013. To discuss your shareholder rights, please contact attorney Darnell R.
Donahue at (800) 350-6003, email@example.com, or via the shareholder
information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in securities litigation
and shareholder rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action lawsuits, and
has helped its clients realize more than $1 billion of value for themselves
and the companies in which they have invested. For more information, please
go to http://www.robbinsarroyo.com.
Press release link:
Attorney Advertising.Past results do not guarantee a similar outcome.
Darnell R. Donahue
Robbins Arroyo LLP
(619) 525-3990 or Toll Free at (800) 350-6003
SOURCE Robbins Arroyo LLP
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