Cases
BioAmber Inc. (NYSE: BIOA)
Securities Class Action
Overview
Overview
- Date:
- 3/24/2017
- Company Name:
- BioAmber Inc.
- Stock Symbol:
- CIOA
- Class Period:
- FROM 1/23/2017 TO 3/16/2017
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Eastern New York
Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of all persons or entities who acquired BioAmber Inc. (NYSE: BIOA) securities between January 23, 2017 and March 16, 2017 (the “Class Period”).
According to the lawsuit, 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.
On March 16, 2017, CEO Fabrice Orecchioni revealed that BioAmber experienced a disruption from a large customer that was expected to purchase $2.8 million of succinic acid in Q4 2016 but postponed the order to 2017 due to a technical problem in its manufacturing facility. On this news, shares of BioAmber fell $0.59 per share or over 18% to close at $2.55 per share on March 17, 2017, damaging investors.
If you purchased or otherwise acquired BioAmber securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
According to the lawsuit, 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.
On March 16, 2017, CEO Fabrice Orecchioni revealed that BioAmber experienced a disruption from a large customer that was expected to purchase $2.8 million of succinic acid in Q4 2016 but postponed the order to 2017 due to a technical problem in its manufacturing facility. On this news, shares of BioAmber fell $0.59 per share or over 18% to close at $2.55 per share on March 17, 2017, damaging investors.
If you purchased or otherwise acquired BioAmber securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.