Philadelphia, Pa .– (Newsfile Corp. – July 6, 2021) – Berger Montague reminds investors of the upcoming deadline of July 13, 2021 for investors to seek principal plaintiff status in a securities fraud class action against Danimer Scientific, Inc. (“Danimer” or the “Company”) on behalf of investors who have purchased Danimer securities (NASDAQ: DNMR ) Between October 5, 2020 and May 4, 2021 (the “Recourse Period”).
If you purchased Danimer securities during the Class Period, wish to discuss Berger Montague’s investigation, or have questions regarding your rights or interests, please contact Lawyers Andrew Abramowitz at [email protected] or (215) 875 -3015, or Donnell Much at [email protected] or (215) 875-4667, or complete the form on www.bergermontague.com/danimer.
Danimer, formerly known as Live Oak Acquisition Corp., develops bioplastic substitutes for traditional plastics. According to recently filed lawsuits, Danimer and its executives have materially distorted the degree of biodegradability of its proprietary bioplastic product Nodax.
Investors began to learn the truth on March 20, 2021, when the the Wall Street newspaper reported that “many claims about Nodax are exaggerated and misleading”. The article quotes a plastics expert who calls Danimer’s claims of Nodax’s biodegradability “not accurate” and “green bleach”. On April 22, 2021, the financial analyst Spruce tip released a report that questioned Danimer’s claims about the size of its operations and the composition and degradability of Nodax.
Finally, on May 4, 2021, Spruce tip released a second report after acquiring documents from the Kentucky Department of Environmental Protection. The report accused Danimer of “wildly exaggerating” production figures, prices and financial projections. As a result of these disclosures, Danimer’s share price has lost more than 58% of its value, falling $ 29.13 per share from a closing price of $ 49.98 per share on March 19. 2021 at a closing price of $ 20.85 on May 5.
Whistleblowers: Anyone with non-public information regarding Danimer is encouraged to confidentially assist Berger Montague’s investigation or take advantage of the SEC’s whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of the recoveries obtained by the SEC. For more information, contact us.
Montague Shepherd, with offices in Philadelphia, Minneapolis, Washington, DC and San Diego, has been a pioneer in the field of securities class actions since its founding in 1970. Berger Montague has represented individual and institutional investors for more than five decades and is the lead lawyer in courts throughout the United States.
Andrew Abramowitz, Senior Counsel
Donnell Much, partner
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