PHILADELPHIA, Oct. 9, 2020 /PRNewswire/ -- Kaskela Law LLC is investigating Amyris, Inc. ("Amyris or the "Company") (NASDAQ: AMRS) on behalf of the Company's stockholders.
Recently an amended shareholder class action complaint was filed in federal court on behalf of investors who purchased shares of the Company's stock between March 15, 2018 and April 11, 2019. Among other things, the amended complaint alleges that during that time period Amyris and certain executive officers violated Generally Accepted Accounting Principles ("GAAP") and misrepresented the effectiveness of the Company's internal controls over financial reporting.
On March 19, 2019, the Company disclosed that it was unable to file its Annual Report for fiscal 2018 "without unreasonable effort and expense because of the 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." Following this news, shares of the Company's common stock fell $0.78 per share, or nearly 20% in value, to close at $3.10 per share.
Then on April 11, 2019, Amyris 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." Defendants also disclosed for the first time that Amyris "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." Following these disclosures, Amyris' stock price fell $0.86 per share, or nearly 24%, to close at $2.89 per share, on unusually heavy trading volume.
The investigation seeks to determine whether the members of Amyris' board of directors breached their fiduciary duties to the Company and its stockholders in connection with the above alleged misconduct.
Amyris stockholders who purchased shares of the Company's stock prior to March 15, 2018 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 – 1585, or by email at firstname.lastname@example.org or online at http://kaskelalaw.com/case/amyris-inc/, for additional information about this investigation and to discuss their legal rights and options.
Kaskela Law LLC prosecutes shareholder actions in state and federal courts throughout the country on behalf of investors. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.
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SOURCE Kaskela Law LLC