SAN DIEGO & EMERYVILLE, Calif.--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Amyris, Inc. (NASDAQ: AMRS) filed a class action complaint against the company for alleged violations of the Securities and Exchange Act of 1934 between March 15, 2018 and March 19, 2019. Amyris purports to be an industrial biotechnology company that manufactures and sells natural, sustainably-sourced products in health and wellness clean beauty, and flavor and fragrance markets.
View this information on the law firm's Shareholder Rights Blog: https://www.robbinsarroyo.com/amyris-inc-apr-19/
Amyris Accused of Making Materially False And Misleading Statements
According to the complaint, Amyris first disclosed certain material weaknesses identified by management in April 2018. Throughout 2018, Amyris released 10Qs that reiterated that the previously-identified material weaknesses in internal control had yet to be remediated. On November 2018, Amyris reported poor financial results. On this news, Amyris’ share price plummeted nearly 30% to close at $4.14 on November 14, 2018. On March 19, 2019, Amyris announced was unable to file its annual report for fiscal year ended December 31, 2018, on time due to “the 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.” It also disclosed that it was still “in the process of completing its evaluation of internal control over financial reporting.” On this news, Amyris’ share price fell nearly 20% to close at $3.10 per share on March 20, 2019, and has continued to fall.
Amyris Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leo Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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