The law firm of Wohl & Fruchter LLP announces that it has commenced an investigation concerning possible violations of federal securities laws by officers and directors of Amyris, Inc. (Amyris) (NASDAQ: AMRS).
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, Amyris’ stock price declined over 27%. 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%.
Wohl & Fruchter’s investigation concerns whether the company’s statements regarding its ability to produce Biofene in commercial quantities in mid-2011 accurately reflected internal information available to management.
Persons with relevant information, and Amyris shareholders with questions about this investigation, are invited to contact our Firm by calling 866.582.8140.
Additional information is available on our website at: http://www.wohlfruchter.com/cases/amrs.
About Wohl & Fruchter
Wohl & Fruchter LLP is an experienced securities litigation firm representing plaintiffs in class actions 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.
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