Governance & Derivative

Amyris, Inc. (NasdaqGS: AMRS)

Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Amyris, Inc. (NasdaqGS: AMRS).

On November 13, 2018, the Company reported poor financial results for third quarter 2018, with $14.9 million revenue compared to $22.5 million revenue in the prior year period, and attributed the performance to the “volatility of the Vitamin E market.”

On March 19, 2019, the Company disclosed that its 2018 annual report would not be filed timely due to “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” and that it “is in the process of completing its evaluation of internal control over financial reporting and may have further deficiencies to report.”

Finally, on  April  11,  2019,  the Company  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” and that it “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.”

The Company has been sued in a securities class action lawsuit for failing to disclose material information, violating federal securities laws.  Recently, the court in that case denied the Company’s motion to dismiss, allowing the case to move forward.

KSF’s investigation is focusing on whether Amyris’ officers and/or directors breached their fiduciary duties to Amyris’ shareholders or otherwise violated state or federal laws.

If you have information that would assist KSF in its investigation, or have been a long-term holder of Microchip shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com), or fill out the form on this page.