RADNOR, Pa.--(BUSINESS WIRE)--The law firm of Kessler Topaz Meltzer & Check, LLP reminds that an investor securities fraud class action lawsuit has been filed against Amyris, Inc. (Nasdaq: AMRS) (“Amyris”) on behalf of purchasers of Amyris securities between March 15, 2018 and March 19, 2019, inclusive (the “Class Period”).
Amyris investors who purchased securities during the Class Period may, no later than June 3, 2019, seek to be appointed as a lead plaintiff representative of the class.
Investors who wish to discuss this securities fraud class action lawsuit or request additional information about this litigation are encouraged to contact Kessler Topaz Meltzer & Check attorneys James Maro, Jr. or Adrienne Bell at (888) 299-7706 (toll free) or online at: www.ktmc.com/amyris-securities-class-action.
According to the complaint, Amyris is an industrial biotechnology company that manufactures and sells natural, sustainably-sourced products in health and wellness, clean beauty, and flavor and fragrance markets.
The Class Period commences on March 15, 2018, when Amyris announced its financial results for the year ended December 31, 2017 in a press release, reporting $143.4 million revenue and $98.4 million net loss.
The complaint alleges that, on November 13, 2018, Amyris reported poor financial results, which it attributed to the “volatility of the Vitamin E market.” Following this news, Amyris’ share price fell $1.76, or nearly 30%, to close at $4.14 per share on November 14, 2018.
Then, on March 19, 2019, Amyris 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.” Amyris 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.” Following this news, Amyris’ share price fell $0.78, or nearly 20%, to close at $3.10 per share on March 20, 2019.
The complaint alleges that throughout the Class Period, the defendants failed to disclose to investors that: (1) Amyris lacked sufficient resources to accurately account for certain transactions; (2) there was a material weakness in Amyris’ internal controls over financial reporting; (3) Amyris would be unable to timely file its annual report; and (4) as a result of the foregoing, the defendants’ positive statements about Amyris’ business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Amyris investors may, no later than June 3, 2019, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.