The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the Company made a 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; (2) due to the Company’s decision, Amyris would be unable to recognize $10 million in fourth quarter and fiscal year 2016 revenue; and (3) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Specifically, after market close on April 17, 2017, the Company filed a Form 10-K with the Securities and Exchange Commission (“SEC”) reporting, among other things, revenues of $67.2 million for fiscal year 2016. Then, during premarket on April 18, 2017, the Company filed a Form 8-K with the SEC disclosing that the $10 million decrease from the previously reported fiscal year 2016 revenues was due to the Company’s aforementioned decision to take an equity stake in one of Blue California’s affiliates.
As a result of these disclosures, over the course of two trading days the Company’s share price fell from $0.70 per share on April 17, 2017 to a closing price of $0.56 on April 19, 2017—a $0.14 or a 20% drop.
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You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected]
Faruqi & Faruqi, LLP also encourages anyone with information regarding Amyris’ conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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