PALO ALTO — Emeryville-based Amyris Inc. has been slapped with a shareholder derivative suit, alleging executives misled investors about the progress of a key product to inflate the stock price and line their pockets as they engaged in insider trading.

Attorneys for Steve Shannon, a resident of Arkansas and stockholder of the renewable products company, filed the 41-page suit in San Francisco federal court Thursday against current and former company officers, including Amyris CEO John Melo.