Amyris, Inc. Sued by Investor
Robbins Arroyo LLP announces that a purchaser of Amyris, Inc. (NASDAQ: AMRS) securities has filed a complaint in the U.S. District Court for the Northern District of California. The complaint alleges that Amyris and certain of its officers and directors violated the Securities Exchange Act of 1934 between April 29, 2011 and February 8, 2012 (the “Class Period”). Amyris is a renewable products company that produces various alternatives to a range of petroleum-sourced products for the specialty chemical and transportation fuel markets worldwide.
Amyris Is Accused of Making False and Misleading Statements Regarding Its Ability to Sustain Commercial Production of Biofene
The complaint alleges that during the Class Period, Amyris and its President and CEO issued a series of materially false and misleading statements concerning the true nature of the company’s operations and prospects. On April 29, 2011, according to the complaint, the company announced that it had designed a facility capable of the sustained commercial production of Biofene. Then on May 5, 2011, the company indicated that it expected to produce 6 million to 9 million liters of Biofene in 2011 and an additional 40 million to 50 million liters in 2012. According to the complaint, those statements were false and misleading because the scalability of the company’s production to commercial levels was unsuccessful, and the company’s representations regarding their ability to achieve the expected production capacities had no basis in fact.
Amyris Stock Price Falls Dramatically on the Announcement of Reduced Production Capabilities
On November 1, 2011, Amyris reported that it lacked the ability to produce the volume of Biofene that it previously projected, and was reducing its production projections dramatically. On this news, the company’s stock price dropped 20% to close at $15.47 per share on November 2, 2011. On February 9, 2012, the company announced that it was having additional problems producing Biofene at commercially viable levels and that the previously estimated 40 million to 50 million liters of Biofene for 2012 were being scrapped. Moreover, the company reported that it was no longer anticipating positive cash flow from operations in 2012. As a result of this news, the company’s stock price dropped 28%, or $2.74 per share, to close at $6.99 per share.
If you purchased or otherwise acquired Amyris stock during the Class Period and wish to serve as lead plaintiff, you must act no later than July 15, 2013. To discuss your shareholder rights, please contact attorney Darnell R. Donahue at (800) 350-6003 or you can complete the form below and we will contact you directly.