Company: Amyris, Inc.
Class Period: March 15, 2018 — March 19, 2019
Court: U.S.D.C. – Northern District of California
A shareholder class action complaint has been filed against Amyris, Inc. (“Amyris”) on behalf of investors who purchased shares of the Company’s stock between March 15, 2018 and March 19, 2019 (the “Class Period”).
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 prospects. Specifically, the defendants failed to disclose or indicate: (i) that the Company lacked sufficient resources to accurately account for certain transactions; (ii) that, as a result, there was a material weakness in the Company’s internal controls over financial reporting; (iii) that, as a result, the Company would be unable to timely file its annual report.
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.”
Amyris stockholders are encouraged to contact Kaskela Law LLC for additional information about this action and to discuss their legal rights and options with respect to this action.