BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming May 17, 2017 deadline to file a lead plaintiff motion in the class action lawsuit filed on behalf of a class of investors who purchased or otherwise acquired BioAmber Inc. (“BioAmber” or the “Company”) (NYSE: BIOA) securities (1) pursuant and/or traceable to BioAmber’s secondary public offering on or about January 23, 2017 (the “Offering”); and/or (2) between January 23, 2017 and March 16, 2017, inclusive (the “Class Period”). BioAmber investors have until May 17, 2017 to file a lead plaintiff motion.
On March 16, 2017, BioAmber disclosed its financial results for the 2016 fiscal year, revealing that the Company had failed to meet its predicted revenue. Among other things, the Company’s President Fabrice Orecchioni blamed the disappointing results on “pricing pressures” and “a disruption from a large customer.” Following this news, BioAmber stock declined, falling almost 20%, to close at $2.55 on March 17, 2017.
Then, on March 31, 2017, the Company announced that Mario Saucier would cease serving as the Company’s Chief Financial Officer. On this news, the Company’s share price fell approximately 6% on April 1, 2017, thereby injuring investors.
According to the complaint filed in this class action, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) a large customer of BioAmber 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 (2) as a result, defendants’ statements about BioAmber’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased BioAmber securities, you may move the Court no later than May 17, 2017 to request appointment as lead plaintiff in the putative class action. To be a member of the class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to this lawsuit, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.
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