Milberg LLP Files Class Action Against Amyris, Inc. Alleging Violations of U.S. Federal Securities L
Milberg LLP Files Class Action Against Amyris, Inc. Alleging Violations of U.S. Federal Securities Laws
NEW YORK--(BUSINESS WIRE)-- Milberg LLP has filed a federal securities class action against Amyris, Inc. ("Amyris" or the "Company") (NAS: AMRS) alleging violations of the Securities Exchange Act of 1934. The action, filed in the United States District Court for the Northern District of California, is on behalf of purchasers of Amyris securities between April 29, 2011 and February 8, 2012, inclusive (the "Class Period").
Defendants' are alleged to have violated the federal securities laws, specifically Section 10(b) and 20(a) of the Securities Exchange Act of 1934. Defendants in the case are Amyris and CEO John G. Melo.
According to the complaint, throughout the Class Period Amyris's priority was the commercialization and production of Biofene and its derivatives for sale in a range of specialty chemical applications. The complaint further alleges that defendants represented to investors hat it had the ability to produce Biofene in commercially meaningful volumes, and that such representations were materially false and misleading because in fact Amyris could not produce Biofene in the amounts represented.
On November 1, 2011, Amyris disclosed that it would not be able to produce Biofene in the quantities previously represented but that it had identified and learned to address issues that would allow it to raise the volumes. In reaction to the news, Amyris' share price fell over 20% from $19.36 per share to $15.47 per share. On February 9, 2012, Amyris executives reported a further slowdown in Biofene production and announced the need to raise funds. Amyris shares fell an additional 28%, from $9.73 per shares to $6.99 per share.
If you purchased Amyris common stock during the Class Period you may, no later than July 15, 2013, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a class member that represents other class members in directing the litigation. Your share in any recovery will not be affected by serving as a lead plaintiff, however, lead plaintiffs make important decisions that could affect the overall recovery for class members. You do not need to be a lead plaintiff to recover as an absent class member. You may retain Milberg LLP, or other attorneys, for this action, but do not need to retain counsel to recover. If this action is certified as a class action, class members will be automatically represented by Court-appointed counsel.
Milberg LLP has represented individual and institutional investors for over four decades and serves as lead counsel in Courts throughout the United States. Visit the Milberg website www.milberg.com) for more information about the firm. If you wish to discuss this matter with us, please contact the following attorney:
Andrei Rado, Esq.
One Pennsylvania Plaza, 49th Fl.
New York, NY 10119-0165
Phone number: 800-320-5081
Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.
Andrei Rado, Esq., 800-320-5081
KEYWORDS: United States North America New York
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