NEW YORK, April 15, 2019 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) has been investigating claims on behalf of investors who purchased shares of Amyris, Inc. (NASDAQ: AMRS), an industrial biotechnology company that manufactures and sells natural, sustainably-sourced products in health and wellness, clean beauty, and flavor and fragrance markets. Investors who purchased Amyris securities may be affected.
A complaint has been filed in the United States District Court for the Southern District of New York against the Company and certain executives on behalf of investors that purchased Amyris securities.
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, the price of Amyris' shares fell $1.76 per share, or nearly 30%, to close at $4.14 per share on November 14, 2018.
Then, on March 19, 2019, after the market closed, 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' shares fell $0.78 per share, about 20%, to close at $3.10 per share on March 20, 2019.
The complaint alleges that throughout the Class Period March 15, 2018 through March 19, 2019, the defendants' statements were materially false and misleading, and failed to disclose 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.
Further, on April 11, 2019, after the market closed, Amyris reported that as a result of a restatement, 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.
If you are a member of the proposed Class, you may move the court no later than June 3, 2019 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing email@example.com or by calling 800-290-1952.
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Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, the action, your rights, or your interests, please contact:
Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
Fax: (212) 687-7714
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California 94104
Fax: (415) 772-4707
SOURCE Kaplan Fox & Kilsheimer LLP