SAN FRANCISCO, May 17, 2021 (GLOBE NEWSWIRE) – Hagens Berman calls on Danimer Scientific, Inc. (NYSE: DNMR) Investors with significant losses can file their losses now.
Countering Securities Fraud Fraud by Danimer Scientific, Inc. (NYSE: DNMR):
The complaint focuses on Danimer’s alleged misrepresentations and omissions in relation to its claims to be a leading manufacturer of polyhydroxyalkanoate (“PHA”) – a biodegradable alternative to petrochemical plastics that the company makes under its own Nodax® brand sold for use in water bottles. Straws and food containers.
On March 20, 2021, the Wall Street Journal asked if Nodax is collapsing 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 on March 22, 2021.
After class on April 22, 2021 Analyst Spruce Point Capital Management published a damning report which found: red flags; various inconsistencies regarding Danimer’s historical and current claims about the size of his operations; Nodax’s® makeup and degradability; and the expected profitability of the company. Then, Spruce top released a follow-up report on May 4, 2021 after receiving documents from the Kentucky Environmental Protection Department, accusing Danimer of “wildly overestimating” production numbers, prices and financial projections.
“We’re focusing on investor losses and proving that Danimer misled investors by greenwashing and misrepresenting actual performance metrics,” 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.
Whistleblower: Individuals with nonpublic information about Danimer should review their options to help with the investigation or to use the SEC’s whistleblower program. Under the new program, whistleblowers who provide original information can receive rewards of up to 30 percent for each successful SEC recovery. Further information is available from Reed Kathrein at 844-916-0895 or send an email to [email protected]
About Hagens Berman
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Reed Kathrein, 844-916-0895