NEW YORK, May 23, 2013 /PRNewswire/ -- Bernstein Liebhard LLP today announced that a class action has been commenced in the United States District Court for the Northern District of California on behalf of a class (the "Class") of purchasers of Amyris, Inc. ("Amyris" or the "Company") (NASDAQ: AMRS) securities between April 29, 2011 and February 8, 2012, inclusive (the "Class Period").
Defendants are alleged to have violated the federal securities laws, specifically Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Defendants in the case are Amyris and CEO John G. Melo.
Biofene is one of Amyris' most important products. Biofene is a renewable chemical used in products such as cosmetics, fragrances, flavors, lubricants, and transportation fuels. According to the complaint, throughout the Class Period, Amyris' priority was the commercialization and production of Biofene and its derivatives for sale in a range of specialty chemical applications. The complaint alleges that defendants falsely represented that Amyris had the ability to produce Biofene in commercially meaningful volumes.On November 1, 2011, Amyris disclosed that it would not be able to produce Biofene in the quantities previously represented but had identified and learned to address issues that would allow it to raise the production 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 share to $6.99 per share. Plaintiffs seek to recover damages on behalf of all Class members who invested in Amyris securities during the Class Period. If you invested in Amyris securities as described above during the Class Period, and either lost money on the transaction or still hold the stock, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than July 15, 2013. A "lead plaintiff" is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.