An investor, who purchased shares of Bioamber Inc (NYSE:BIOA), filed a lawsuit in the U.S. District Court for the Eastern District of New York over alleged violations of Federal Securities Laws by Bioamber Inc in connection with certain allegedly false and misleading statements made between January 23, 2017 through March 16, 2017.
If you purchased shares of Bioamber Inc (NYSE:BIOA) you have certain options and you should contact the Shareholders Foundation at email@example.com or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Bioamber Inc (NYSE:BIOA) common shares between January 23, 2017 through March 16, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between January 23, 2017 through March 16, 2017, the defendants made false and/or misleading statements and/or failed to disclose that a large customer of BioAmber that was expected to purchase $2.8 million of succinic acid in Q4 2016 experienced a technical problem in its manufacturing facility and postponed the order to 2017; and that as a result, defendants’ statements about BioAmber’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On March 16, 2017, Bioamber Inc announced its year end operational and financial results for 2016. Bioamber Inc reported that its annual Total Revenue rose from $2.17 million in 2015 to $8.27 million in 2016 and that its Net Loss declined from $37.23 million in 2015 to $22.48 million in 2016. However, Bioamber Inc missed its previously issued revenue guidance for the 2016 fiscal year by $1.3 million. On an earnings conference call, President Fabrice Orecchioni of Bioamber Inc, attributed the results to “pricing pressures” and “a disruption from a large customer that was expected to purchase 2.8 million of succinic acid in Q4 2016, but due to a technical problem in its manufacturing facility postponed the order to 2017.”
Those who purchased shares of Bioamber Inc (NYSE:BIOA) have certain options and should contact the Shareholders Foundation.
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