NEWTOWN SQUARE, Pa., April 12, 2019 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against Amyris, Inc. (Nasdaq: AMRS) (“Amyris” or the “Company”) on behalf of purchasers of the Company’s common stock between March 15, 2018 and March 19, 2019, inclusive (the “Class Period”).
IMPORTANT DEADLINE: Investors who purchased Amyris’ common stock during the Class Period may, no later than June 3, 2019, seek to be appointed as a lead plaintiff representative of the investor class. For additional information, or to learn how to participate in this action, please visit http://kaskelalaw.com/case/amyris/.
The complaint alleges that the defendants made false and misleading statements and/or failed to disclose material adverse information to investors during the Class Period concerning the Company’s business, operations and financial prospects. The complaint further alleges that investors purchased Amyris’ common stock at artificially inflated prices during the Class Period and suffered investment losses as a result of defendants’ conduct.
According to the complaint, on November 13, 2018, the Company reported poor quarterly financial results for 3Q 2018, generating just $14.9 million in revenue as compared to $22.5 million in revenue for the prior year’s period, and attributed the poor quarterly performance to the “volatility of the Vitamin E market.” Following this news, shares of the Company’s stock fell $1.76 per share, or nearly 30% in value, to close on November 14, 2018 at $4.14 per share.
Then, 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 was “in the process of completing its evaluation of internal control over financial reporting and may have further deficiencies to report.” Following this news, shares of the Company’s stock fell an additional $0.78 per share, or 20% in value, to close on March 20, 2019 at $3.10 per share.
Finally, on April 11, 2019, Amyris disclosed that it would be restating certain of its previously issued financial statements, and that “the Company anticipates that its revenue and net income for Fiscal 2018, as compared to the financial results included in the Company’s earnings release issued on March 18, 2019, will be reduced by approximately $12 million to $16 million and $7 million to $11 million, respectively.” Following this additional news, shares of the Company’s stock further declined in value.
Amyris investors are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (888) 715 – 1740 for additional information about this action and their legal rights and recovery options. To learn how to participate in this action, please visit http://kaskelalaw.com/case/amyris/.
Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.
CONTACT:
D. Seamus Kaskela, Esq.
KASKELA LAW LLC
18 Campus Boulevard, Suite 100
Newtown Square, PA 19073
(484) 258 – 1585
(888) 715 – 1740
www.kaskelalaw.com
skaskela@kaskelalaw.com