NEW YORK, March 30, 2017 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against BioAmber Inc. (“BioAmber” or the “Company”) (NYSE:BIOA) and certain of its officers, and is on behalf of a class consisting of all persons or entities who purchased BioAmber securities: (1) pursuant and/or traceable to BioAmber’s secondary public offering on or about January 23, 2017 (the “Offering”); and/or (2) publicly traded on the open market from January 23, 2017 through March 16, 2017, inclusive (the “Class Period”). Investors are encouraged to learn more about this case by visiting the firm’s site: http://www.bgandg.com/bioa.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose that: (1) 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 (2) consequently, 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 after-market hours, BioAmber revealed disappointing financial results for its 2016 fiscal year, missing its previously issued revenue forecast by $1.3 million. On the conference call, the Company’s President, Fabrice Orecchioni, attributed the unfortunate results to “pricing pressures” and “a disruption from a large customer that was expected to purchase [$]2.8 million of succinic acid in Q4 2016, but due to a technical problem in its manufacturing facility postponed the order to 2017.” Following this news, BioAmber stock dropped $0.59 per share or over 18% to close at $2.55 per share on March 17, 2017.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: http://www.bgandg.com/bioa or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. You have until May 17, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.