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Amyris Inc (NASDAQ: AMRS) Investor Securities Class Action Lawsuit 04/20/2017

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Lawsuit Overview

Case Dismissed
Company
Amyris Inc
Security
NASDAQ: AMRS

Case Name
Amyris Shareholder Class Action Lawsuit 04/20/2017
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of California

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Class Period End
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Summary

September 21, 2017 - The case was voluntarily dismissed.

April 20, 2017 - 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 2, 2017 through April 17, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of Amyris Inc (NASDAQ: AMRS) common shares between March 2, 2017 through April 17, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 2, 2017 through April 17, 2017, the defendants made false and/or misleading statements and/or failed to disclose that in the first quarter of 2017, Amyris Inc made a decision to take an equity stake in one of Blue California’s affiliates that focused on the sweetener market in lieu of cash payment under the license agreement, that consequently, due to Amyris Inc’s decision, Amyris Inc would be unable to recognize $10 million in fourth quarter and fiscal year 2016 revenue from the license agreement with Blue California, that and as a result, defendants’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

Amyris Inc reported that its annual Total Revenue increased from $34.15 million in 2015 to $77.19 million in 2016 and that its Net Loss declined from $217.95 million in 2015 to $87.33 million in 2016.

On April 17, 2017, Amyris Inc disclosed revenues of $67.2 million for fiscal year 2016.

The plaintiff claims the revenue Amyris Inc disclosed represents a decrease of $10 million from the revenue figures it disclosed on March 2, 2017 and April 3, 2017 and that the decrease in revenue was due to Amyris Inc’s decision in the first quarter of 2017 to take an equity stake in one of Blue California’s affiliates that focused on the sweetener market in lieu of cash payment under the license agreement.