BENSALEM, Pa. -- (Business Wire)
Law Offices of Howard G. Smith announces that a class action lawsuit has
been filed on behalf of investors who purchased BioAmber Inc.
(“BioAmber” or the “Company”) (NYSE: BIOA)
securities (1) pursuant and/or traceable to BioAmber’s secondary public
offering on or about January 23, 2017 (the “Offering”); and/or
(2) between January23, 2017 and March 16, 2017, inclusive
(the “Class Period”). BioAmber investors have until May 17, 2017
to file a lead plaintiff motion.
Investors suffering losses on their BioAmber investments are encouraged
to contact the Law Offices of Howard G. Smith to discuss their legal
rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On March 16, 2017, BioAmber disclosed its financial results for the 2016
fiscal year, revealing that the Company had failed to meet its predicted
revenue forecast by $1.3 million. Among other things, the Company’s
President Fabrice Orecchioni blamed the disappointing results on
“pricing pressures” and “a disruption from a large customer.” Following
this news, BioAmber stock declined, falling almost 20%, to close at
$2.55 on March 17, 2017.
Then, on March 31, 2017, the Company announced that Mario Saucier would
cease serving as the Company’s Chief Financial Officer. On this news,
the Company’s share price fell approximately 6% on April 1, 2017,
thereby injuring investors.
According to the complaint filed in this class action, defendants
throughout the Class Period made false and/or misleading statements
and/or 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) 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.
If you purchased shares of BioAmber pursuant to the Offering and/or
during the Class Period you may move the Court no later than May
17, 2017 to ask the Court to appoint you as lead plaintiff if you
meet certain legal requirements. To be a member of the Class you need
not take any action at this time; you may retain counsel of your choice
or take no action and remain an absent member of the Class. If you wish
to learn more about this action, or if you have any questions concerning
this announcement or your rights or interests with respect to these
matters, please contact Howard G. Smith, Esquire, of Law Offices of
Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania
19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by
email to howardsmith@howardsmithlaw.com,
or visit our website at http://www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170413005396/en/
Contacts:
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
Source: Law Offices of Howard G. Smith
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