BENSALEM, Pa. -- (Business Wire)
Law Offices of Howard G. Smith reminds investors of the upcoming May
17, 2017 deadline to file a lead plaintiff motion in the class
action lawsuit filed on behalf of a class of investors who purchased or
otherwise acquired 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 BioAmber securities, you may move the Court no later
than May 17, 2017 to request appointment as lead plaintiff
in the putative class action. 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 action. 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
this lawsuit, 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/20170516006518/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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