Amyris, Inc. (AMRS) Accused of Making Materially False And Misleading Statements

According to the complaint against the company for alleged violations of the Securities and Exchange Act of 1934 between March 15, 2018 and March 19, 2019, Amyris, Inc. (AMRS) first disclosed certain material weaknesses identified by management in April 2018. Throughout 2018, Amyris released 10Qs that reiterated that the previously-identified material weaknesses in internal control had yet to be remediated. On November 2018, Amyris reported poor financial results. On this news, Amyris’ share price plummeted nearly 30% to close at $4.14 on November 14, 2018. On March 19, 2019, Amyris announced was unable to file its annual report for fiscal year ended December 31, 2018, on time due to “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.” It also disclosed that it was still “in the process of completing its evaluation of internal control over financial reporting.” On this news, Amyris’ share price fell nearly 20% to close at $3.10 per share on March 20, 2019, and has continued to fall.