Thanks for getting in touch. I'm so sorry about my late reply.
I believe this is a new bug in Yosemite that I need to investigate further.
The only solution at this point is to not use the color picker in the floating format bar. Instead right click the text you want to change and go into the Font submenu and at the bottom of that menu select "Show Colors" and change the color with that full color picker window.
NoteAway 1.1.6 is FINALLY out on the Mac App Store :-)
This color selecting bug is somewhat fixed but things are still a bit weird (in Yosemite) and it seems to be out of my control. You can change the colors but you'll need to click your color twice. Sorry for the inconvenience, I will continue to look into it.
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