<img width="233" height="24" src="https://icrowdnewswire.com/wp-content/uploads/2020/11/4000-logo.png" class="webfeedsFeaturedVisual wp-post-image" alt="" loading="lazy" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="" /><p>Schubert Jonckheer & Kolbe LLP is investigating potential derivative claims on behalf of shareholders of Amyris, Inc. related to the company’s overstatements regarding future royalty payments on its financial statements and false or misleading statements concerning material weaknesses in the company’s internal controls.</p>
<p>In 2017, Amyris disclosed that it was addressing a material weakness in its internal controls over financial reporting with a remediation plan. Then, in <span class="xn-chron">December 2017</span>, the company licensed its manufacturing plant, requiring the licensee to pay Amyris a <span class="xn-money">$27.5 million</span> use fee as well as royalty fees. However, on <span class="xn-chron">April 11, 2019</span>, Amyris announced that material accounting errors were made related to the estimates for recognizing revenue for royalty payments and that it would have to restate several quarterly and annual financial reports. As a result, the price of Amyris’s stock fell nearly 24%.</p>
<p>This conduct has exposed the company to securities litigation in the U.S. District Court for the Northern District of <span class="xn-location">California</span> where it is alleged that Amyris misled investors about its efforts to improve internal controls over financial reporting and overstated its royalty revenues through improper revenue recognition. On <span class="xn-chron">October 5, 2020</span>, U.S. District Judge <span class="xn-person">Yvonne Gonzalez Rogers</span> denied Amyris’s motion to dismiss the case, finding that the plaintiffs met the heightened pleading standards for alleged securities fraud, including alleging facts sufficient to create a “strong inference of scienter,” or intent to defraud investors, and that defendants’ statements did not qualify as forward-looking statements under the PSLRA’s safe harbor.</p>
<p>The Schubert Firm is investigating potential derivative claims based on harm the company has suffered as a result of potential breaches of fiduciary duty by Amyris’s officers and directors. For more information, please visit our website at http://www.classactionlawyers.com/Amyris.</p>
<p><strong>About Schubert Jonckheer & Kolbe LLP<br class="dnr" /></strong>Schubert Jonckheer & Kolbe represents shareholders, employees, and consumers in class actions against corporate defendants, as well as shareholders in derivative actions against their officers and directors. The firm is based in <span class="xn-location">San Francisco</span>, and with the help of co-counsel, litigates cases nationwide.</p>
<p><strong>Contact</strong><br class="dnr" /><span class="xn-person">Alexandra Green</span><br class="dnr" />Schubert Jonckheer & Kolbe LLP<br class="dnr" />agreen@sjk.law <br class="dnr" />Tel: 415-299-8207</p>
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<div><strong>See Campaign: </strong><a href="http://sjk.law " target="_blank">http://sjk.law </a><br/><b>Contact Information:</b><br/>Alexandra Green
Schubert Jonckheer & Kolbe LLP
agreen@sjk.law
Tel: 415-299-8207<br/><br/><b>Tags:</b><br/><a href=""></a>, <a href="https://icrowdnewswire.com/category/global-regions/latin-america/" rel="category tag">Latin America</a>, <a href="https://icrowdnewswire.com/category/language/english/" rel="category tag">English</a><br/><br/><img src="" alt="image" width="400" height="300" class="cwdfimg" /></div>
Contact Information:
Alexandra Green
Schubert Jonckheer & Kolbe LLP
agreen@sjk.law
Tel: 415-299-8207
Source: Icrowdnewswire
