NEW YORK, April 11, 2019 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Amyris, Inc. (“Amyris” or the “Company”) (NASDAQ: AMRS) in the United States District Court for the Northern District of California on behalf of those who purchased or acquired the securities of Amyris between March 15, 2018 and March 19, 2019, inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder.
The Complaint alleges that Defendants concealed from the investing public: (i) that the Company lacked sufficient resources to accurately account for certain transactions; (ii) that, as a result, there was a material weakness in the Company’s internal controls over financial reporting; (iii) that, as a result, the Company would be unable to timely file its annual report; and (iv) 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. As a result of Defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on March 19, 2019, the Company disclosed that it would be unable to timely file its annual report due to “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.” The Company also disclosed that it “is in the process of completing its evaluation of internal control over financial reporting and may have further deficiencies to report.” On this news, shares of Amyris declined over 20%, closing at $3.10 per share on March 20, 2019, on heavy trading volume.
Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the June 3, 2019 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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