When changing the inner text, the noclamp state is not reset to false. This becomes an issue when going from short text (which does not get clamped, i.e. noclamp set to false) to long text (needs clamped). The text is still cut off at the line count, but the ellipses and "Read More" button do not appear.
I believe setting noclamp to false when detecting the text change in componentDidUpdate should do the trick. Alternatively, calling this.action instead of this.clampLines in componentDidUpdate may be preferred.