NEW YORK, April 12, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in BioAmber Inc. ("BioAmber" or the "Company") (NYSE: BIOA) of the May 17, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all those who purchased BioAmber stock or options (1) traceable to the secondary public offering on January 23, 2017 and/or (2) publicly traded on the open market from January 23, 2017 through March 16, 2017 (together the "Class Period"). The case, Chu v. BioAmber Inc. et al, No. 1:17-cv-01531 was filed on March 18, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to appropriately measure the Company's ability to perform adequately in its market.
Specifically, during post-market hours on March 16, 2017, BioAmber announced disappointing financial results for its 2016 fiscal year, missing its previously issued revenue forecast by $1.3 million. During a conference call, the Company's President Fabrice Orecchioni, attributed the disappointing results to "pricing pressures" and "a disruption from a large customer that was expected to purchase 2.8 million of succinic acid in Q4 2016, but due to a technical problem in its manufacturing facility postponed the order to 2017."
After the announcement, BioAmber's share price fell from $3.14 per share on March 16, 2017 to a closing price of $2.55 on March 17, 2017—a $0.59 or a 18.8% drop.
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If you invested in BioAmber stock or options traceable to the secondary public offering on January 23, 2017 and/or during the Class Period and would like to discuss your legal rights, visit www.faruqilaw.com/BIOA. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding BioAmber's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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