Carbone v. Amyris, Inc., et al.

Amyris agreed to pay $13,5 million to settle a securities class action lawsuit accusing the Company of multiple suspected felonies.

The complaint alleged that Amyris and its Leaders were materially misrepresenting Amyris’s financial results, its royalty revenues, and the effectiveness of its internal control over financial reporting. These misleading statements created artificial inflation in the price of Amyris common stock.

The true facts began to reveal themselves on November 13, 2018, when Defendants announced disappointing Q3 royalty revenues that missed previous projections by $15 million.

Further, the complaint alleged that the truth was further revealed on March 19, 2019, when Amyris disclosed that it would be unable to timely file its annual report due to continued evaluation of Amyris’s internal control over financial reporting, which could result in material deficiencies being reported.

Following these disclosures, the price of Amyris’s stock fell nearly 30% and 20%, respectively.

Amyris agreed to settle with investors to avoid further litigation.