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Bioamber Inc (NYSE: BIOA) Investor Securities Class Action Lawsuit 03/18/2017

  • If you purchased shares of Bioamber Inc (NYSE: BIOA), 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
Bioamber Inc
Security
NYSE: BIOA

Case Name
Bioamber Shareholder Class Action Lawsuit 03/18/2017
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Eastern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Settlement Overview

Date Settled
Date Settled
Settlement Amount
$2,250,000.00

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Summary

January 24, 2020 - The court preliminarily approved the settlement.

December 18, 2019 - A stipulation of settlement was filed by the parties.

June 5, 2018 - The defendants voluntarily filed a petition for bankruptcy.

August 7, 2017 - An amended complaint was filed.

March 18, 2017 - An investor in shares of Bioamber Inc (NYSE: BIOA) filed a lawsuit in the U.S. District Court for the Eastern District of New York over alleged violations of Federal Securities Laws by Bioamber Inc in connection with certain allegedly false and misleading statements made between January 23, 2017 through March 16, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of Bioamber Inc (NYSE: BIOA) common shares between January 23, 2017 through March 16, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between January 23, 2017 through March 16, 2017, the defendants made false and/or misleading statements and/or failed to disclose that a large customer of BioAmber Inc that was expected to purchase $2.8 million of succinic acid in Q4 2016 experienced a technical problem in its manufacturing facility and postponed the order to 2017; and that as a result, defendants’ statements about BioAmber Inc’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Bioamber Inc reported that its annual Total Revenue rose from $1.54 million in 2014 to $2.17 million in 2015 and that its Net Loss declined from $46.47 million in 2014 to $37.23 million in 2015.

On March 16, 2017, Bioamber Inc announced its year end operational and financial results for 2016. Bioamber Inc reported that its annual Total Revenue rose from $2.17 million in 2015 to $8.27 million in 2016 and that its Net Loss declined from $37.23 million in 2015 to $22.48 million in 2016. However, Bioamber Inc missed its previously issued revenue guidance for the 2016 fiscal year by $1.3 million. On an earnings conference call, President Fabrice Orecchioni of Bioamber Inc, attributed the results to “pricing pressures” and “a disruption from a large customer that was expected to purchase 2.8 million of succinic acid in Q4 2016, but due to a technical problem in its manufacturing facility postponed the order to 2017.”

Shares of Bioamber Inc (NYSE: BIOA) declined to as low as $2.23 per share on March 17, 2017.

Date Settled