Deadline Approaching for Danimer Scientific Investors: Berger Montague Reminds Investors of Approaching Deadline in Securities Fraud Class Action Against Danimer Scientific, Inc. (DNMR); Lead Plaintiff Deadline is July 13, 2021
Philadelphia, Pennsylvania--(Newsfile Corp. - July 6, 2021) - Berger Montague reminds investors of the upcoming deadline of July 13, 2021 for investors to seek lead plaintiff status in a securities fraud class action against Danimer Scientific, Inc. ("Danimer" or the "Company") on behalf of investors who purchased Danimer securities (NASDAQ: DNMR) between October 5, 2020 and May 4, 2021 (the "Class Period").
If you purchased Danimer securities during the Class Period, would like to discuss Berger Montague's investigation, or have questions concerning your rights or interests, please contact attorneys Andrew Abramowitz at email@example.com or (215) 875-3015, or Donnell Much at firstname.lastname@example.org or (215) 875-4667, or fill out the form on www.bergermontague.com/danimer.
Danimer, formerly known as Live Oak Acquisition Corp., develops bioplastic replacements for traditional plastics. According to recently filed lawsuits, Danimer and its executives materially misrepresented the degree to which its proprietary Nodax bioplastics product was biodegradable.
Investors began to learn the truth on March 20, 2021, when the Wall Street Journal reported that "many claims about Nodax are exaggerated and misleading." The article quoted a plastics expert as characterizing Danimer's claims about Nodax's biodegradability as "not accurate" and as "greenwashing." On April 22, 2021, financial analyst Spruce Point published a report that called into question Danimer's claims about the size of its operations and Nodax's composition and degradability.
Finally, on May 4, 2021, Spruce Point published a second report after acquiring documents from Kentucky's Department of Environmental Protection. This report accused Danimer of "wildly overstating" production figures, pricing, and financial projections. As a result of these disclosures, the price of Danimer stock lost more than 58% of its value, falling $29.13 per share from a March 19, 2021 closing price of $49.98 per share to 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 Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Andrew Abramowitz, Senior Counsel
Donnell Much, Associate
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