SAN FRANCISCO, May 18, 2021 / PRNewswire / – Hagens Berman urges Danimer Scientific, Inc. (NYSE: DNMR) investors with significant losses to file their losses now.
School lesson: December 30, 2020 – – March 19, 2021
Deadline of the main plaintiff: July 13, 2021
Contact an attorney now: [email protected]
Countering Securities Fraud Fraud by Danimer Scientific, Inc. (NYSE: DNMR):
The complaint focuses on Danimer’s alleged misrepresentations and omissions regarding its claims to be a leading manufacturer of polyhydroxyalkanoate (“PHA”) – a biodegradable alternative to petrochemical plastics that the company sells under its proprietary Nodax® Brand for use in water bottles, straws, and food containers.
On March 20, 2021The Wall Street Journal questioned whether Nodax breaks down much faster than fossil fuel plastics, noting that “many claims about Nodax are exaggerated and misleading”. A plastics expert described Danimer’s claims about the biodegradability of Nodax as “not accurate” and as “greenwashing”.
This news caused the price of Danimer shares to fall March 22, 2021.
After the lesson continue April 22, 2021 The analyst Spruce Point Capital Management released a damning report in which he stated: red flags; various inconsistencies regarding Danimer’s historical and current claims about the size of his operations; Nodax® Makeup and degradability; and the expected profitability of the company. Then Spruce Point published a follow-up report on May 4, 2021 after acquiring documents from Kentuckys Department of Environmental Protection and accused Danimer of “wildly overrating” production figures, prices and financial projections.
“We are focusing on investor losses and proving that Danimer misled investors by greenwashing and misrepresenting real performance metrics,” he said Reed Kathrein, the Hagens Berman partner who led the investigation.
If you are a Danimer investor and are experiencing significant losses or have knowledge that may aid the company’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Individuals with nonpublic information about Danimer should review their options to help with the investigation or use the SEC whistleblower program. Under the new program, whistleblowers who provide original information can receive rewards of up to 30 percent for each successful SEC recovery. Call for more information Reed Kathrein at 844-916-0895 or by email [email protected].
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SOURCE Hagens Berman Sobol Shapiro LLP