Lawsuit Overview
June 11, 2014 - The case was voluntarily dismissed.
March 25, 2014 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.
October 25, 2013 - An amended complaint was filed.
May 14, 2013 - An investor in shares of Amyris Inc (NASDAQ: AMRS) filed a lawsuit in the U.S. District Court for the Northern District of California against Amyris Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between April 29, 2011 and February 8, 2012.
According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Amyris Inc (NASDAQ: AMRS) between April 29, 2011 and February 8, 2012 that Amyris Inc violated the Section 10(b) and 20(a) of the Securities Exchange Act of 1934.
More specifically, the plaintiff alleges that between April 29, 2011 and February 8, 2012 that Amyris Inc’s priority was the commercialization and production of Biofene and its derivatives for sale in a range of specialty chemical applications. Amyris Inc (NASDAQ: AMRS) reported that its annual Revenue increased from $13.89 million in 2008 to $146.99 million in 2011. However, its Net Loss increased over the same time periods from $41.86 million to $178.87 million.
On April 29, 2011, Amyris Inc (NASDAQ: AMRS) announced the completion of the first industrial-scale facility for the production of Biofene™, Amyris Inc’s renewable farnesene.
On August 15, 2011, Amyris Inc (NASDAQ: AMRS) announced the commissioning of its third industrial-scale facility for the production of Biofene.
On November 1, 2011, Amyris Inc reported its Third Quarter Financial Results. Then on February 9, 2012, Amyris Inc conducted a webcast conference call to discuss updated guidance for 2012 and other related matters. During the conference call the Chief Executive Officer of Amyris Inc said that given the lower planned volume, Amyris Inc is no longer adhering to its previously announced plan to produce 40-50 million liters of Biofene in 2012, and Amyris Inc is no longer forecasting positive cash-flow from operations in 2012 and to cover this gap, Amyris Inc is raising additional equity financing. NASDAQ: AMRS shares fell from over $30 in early 2011 to as low as 1.59 per share in May 2012. For 2012, Amyris Inc reported that its annual Total Revenue declined from $146.99 million in 2011 to $73.69 million in 2012 and its respective Net Loss grew from $178.87 million to $205.14 million. On May 17, 2013, NASDAQ: ARMS shares closed at $2.96 per share.