Keker & Van Nest LLP is pleased to announce U.S. District Judge William H. Orrick signed a stipulation dismissing a securities class action with prejudice, quickly freeing Amyris from its first litigation.
In the Emeryville-based company’s early manufacturing scale-up efforts (before it launched its now fully-operational plant in Brazil), it encountered several obstacles that prevented it from achieving its initial volume projections. Plaintiff David Browning overlooked these challenges, and accused the company of intentionally misrepresenting its projections in order to complete an initial public offering and promote its stock.
Amyris hired Michael Celio and Laurie Mims of Keker & Van Nest to defend it from Browning’s false accusations.
“Amyris is striving to revolutionize how basic materials are produced, and in doing so must overcome enormous challenges. I’m glad Judge Orrick agreed one cannot mistake a delay in achievement for fraud,” said lead counsel Michael Celio.
“I’m proud to defeat anyone who attempts to profit through this type of frivolous litigation against such an innovative company. It’s telling that, contrary to the plaintiffs’ allegations, this cutting-edge company has a fully-operational industrial production plant in Brazil that produces fuel for cars and planes using genetically modified yeast—it really is amazing,” added Laurie Mims.
Amyris was represented by Keker & Van Nest attorneys Michael Celio, Laurie Mims and Chessie Thacher. The case is David Browning et al. v. Amyris Inc. et al., case number 3:13-cv-02209, in the U.S. District Court for the Northern District of California.