LOS ANGELES -- (Business Wire)
Glancy
Prongay & Murray LLP (“GPM”) reminds investors of the May 17,
2017 deadline to file a lead plaintiff motion in the class action
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.
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. 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 or otherwise acquired BioAmber shares during the Class
Period you may move the Court no later than May 17, 2017 to
request appointment as lead plaintiff. 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 Lesley Portnoy, Esquire, of GPM, 1925
Century Park East, Suite 2100, Los Angeles, California 90067 at
310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com,
or visit our website at http://www.glancylaw.com.
If you inquire by email please include your mailing address, telephone
number and number of shares purchased.
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/20170509005694/en/
Contacts:
Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy,
310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com
Source: Glancy Prongay & Murray LLP
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