NEW ORLEANS, Feb. 26, 2021 /PRNewswire/ -- Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC ("KSF"), announces that KSF has commenced an investigation into Amyris, Inc. (NasdaqGS: AMRS).
On November 13, 2018, the Company reported poor financial results for third quarter 2018, with $14.9 million revenue compared to $22.5 million revenue in the prior year period, and attributed the performance to the "volatility of the Vitamin E market."
On March 19, 2019, the Company disclosed that its 2018 annual report would not be filed timely 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" and that it "is in the process of completing its evaluation of internal control over financial reporting and may have further deficiencies to report."
Finally, on April 11, 2019, the Company announced that it was restating its fiscal 2018 results to reduce revenue by at least $12 million and increase net loss by at least $7 million, explaining, among other things, that "a material error was made related to the estimates for recognizing revenue for royalty payments" and that it "expects to report material weaknesses in addition to the material weakness reported in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2017."
The Company has been sued in a securities class action lawsuit for failing to disclose material information, violating federal securities laws. Recently, the court in that case denied the Company's motion to dismiss, allowing the case to move forward.
KSF's investigation is focusing on whether Amyris' officers and/or directors breached their fiduciary duties to Amyris' shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Amyris shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn ([email protected]), or visit https://www.ksfcounsel.com/cases/nasdaqgs-amrs/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking to recover investment losses due to corporate fraud and malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.