SAN DIEGO & EMERYVILLE, Calif., May 21, 2013 /PRNewswire/ -- Shareholder rights attorneys at Robbins Arroyo LLP announce that a purchaser of Amyris, Inc. (NASDAQ: AMRS) securities has filed a complaint in the U.S. District Court for the Northern District of California. The complaint alleges that Amyris and certain of its officers and directors violated the Securities Exchange Act of 1934 between April 29, 2011 and February 8, 2012 (the "Class Period"). Amyris is a renewable products company that produces various alternatives to a range of petroleum-sourced products for the specialty chemical and transportation fuel markets worldwide.
Amyris Is Accused of Making False and Misleading Statements Regarding Its Ability to Sustain Commercial Production of Biofene
The complaint alleges that during the Class Period, Amyris and its President and CEO issued a series of materially false and misleading statements concerning the true nature of the company's operations and prospects. On
April 29, 2011, according to the complaint, the company announced that it had designed a facility capable of the sustained commercial production of Biofene. Then on
May 5, 2011, the company indicated that it expected to produce 6 million to 9 million liters of Biofene in 2011 and an additional 40 million to 50 million liters in 2012. According to the complaint, those statements were false and misleading because the scalability of the company's production to commercial levels was unsuccessful, and the company's representations regarding their ability to achieve the expected production capacities had no basis in fact.
Amyris Stock Price Falls Dramatically on the Announcement of Reduced Production Capabilities
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