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Amyris Inc (NASDAQ: AMRS) Investor Securities Class Action Lawsuit 04/03/2019

  • If you purchased shares of Amyris Inc (NASDAQ: AMRS), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Amyris Inc
Security
NASDAQ: AMRS

Case Name
Amyris Shareholder Class Action Lawsuit 04/03/2019
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of California

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Summary

October 5, 2020 - The court denied the defendants' motion to dismiss.

October 25, 2019 - A motion to dismiss the amended complaint was filed.

September 13, 2019 - An amended complaint was filed.

April 3, 2019 - An investor in shares of Amyris Inc (NASDAQ: AMRS) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Amyris Inc in connection with certain allegedly false and misleading statements made between March 15, 2018, and March 19, 2019.

Emeryville, CA based Amyris, Inc., an integrated renewable products company, delivers alternatives to petroleum, plant, and animal-based products across a range of consumer and industry segments worldwide. Amyris Inc reported that its annual Total Revenue rose from $67.19 million in 2016 to $143.44 million in 2017 and that its Net Loss declined from $97.33 million in 2016 to $72.32 million in 2017.

On March 19, 2019, Amyris Inc (NASDAQ: AMRS) announced was unable to file its annual report for fiscal year ended December 31, 2018 on time due to “the significant time and resources that were devoted to the accounting for and disclosure of the significant transactions with Koninklijke DSM N.V. that closed in November 2018.” Amyris Inc (NASDAQ: AMRS) also disclosed that it was “in the process of completing its evaluation of internal control over financial reporting.” Shares of Amyris Inc (NASDAQ: AMRS) declined from $9.29 per share in October 2018 to as low as $1.87 per share on March 26, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Amyris Inc (NASDAQ: AMRS) common shares between March 15, 2018, and March 19, 2019, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between March 15, 2018, and March 19, 2019, the Defendants made false and/or misleading statements and/or failed to disclose that the Company lacked sufficient resources to accurately account for certain transactions, that, as a result, there was a material weakness in the Company’s internal controls over financial reporting, that, as a result, the Company would be unable to timely file its annual report, and that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.