The Law Firm of Wohl & Fruchter Has Filed a Complaint Against Amyris, Inc.
The Law Firm of Wohl & Fruchter Has Filed a Complaint Against Amyris, Inc.
NEW YORK--(BUSINESS WIRE)-- The law firm of Wohl & Fruchter LLP has filed a securities class action against Amyris, Inc. ("Amyris") (NYS: AMRS) , and its President and CEO, John G. Melo. 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"). The class action seeks relief for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, based on defendants' false and misleading statements, and omissions of material information during the Class Period concerning, among other things, Amyris' ability to produce Biofene in commercially meaningful volumes.
If you are a shareholder who purchased AMRS securities during the Class Period, you have until July 15, 2013 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the complaint in the class action can be obtained at: http://www.wohlfruchter.com/cases/amrs.
To discuss this action, please contact J. Elazar Fruchter at jfruchter@wohlfruchter.com or call toll free 866.582.8140.
Amyris uses patented engineered microbes to convert plant-based sugars into renewable chemicals, including a chemical trademarked as Biofene, which can be used in the manufacture of transportation fuels.
On April 29, 2011, Amyris issued a press release confirming that it had designed a facility that would allow it to commence sustained commercial production of Biofene. In May 2011, and again in August 2011, Amyris executives made further statements indicating that Amyris could produce Biofene in commercial quantities.
However, on November 1, 2011, Amyris announced a slowdown in production of Biofene. On this news, the next trading day, 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 stated that the company was no longer forecasting positive cash flow from operations and would require additional equity financing. On this news, Amyris shares fell an additional 28%.
About Wohl & Fruchter
Wohl & Fruchter LLP represents plaintiffs in litigation arising from fraud and other fiduciary breaches by corporate managers, as well as other complex litigation matters. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
This release may be deemed to constitute attorney advertising.
Wohl & Fruchter LLP
J. Elazar Fruchter, 845-425-4658
Toll Free 866-582-8140
jfruchter@wohlfruchter.com
www.wohlfruchter.com
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