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Philadelphia, Pa .– (Newsfile Corp. – June 22, 2021) – Berger Montague is investigating allegations of securities fraud against Danimer Scientific, Inc. (NYSE: DNMR) (“Danimer” or the “Company”) on behalf of investors who purchased Danimer Securities between October 5, 2020 and May 4, 2021 (the “Class 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 at www.bergermontague.com/danimer.
Whistleblowers: Anyone with non-public information regarding Danimer is encouraged to confidentially attend 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 recoveries obtained by the SEC. For more information, contact us.
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 Wall Street Journal reported that “many claims about Nodax are exaggerated and misleading.” The article quoted a plastics expert who described Danimer’s claims about Nodax’s biodegradability as “precise steps” and “green bleach”. On April 22, 2021, financial analyst Spruce Point released a report that questioned Danimer’s claims regarding the size of its operations and the composition and degradability of Nodax.
Finally, on May 4, 2021, Spruce Point 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.
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Berger Montague, with offices in Philadelphia, Minneapolis, Washington, DC 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 of five decades and acts as a senior advisor. in courts across the United States.
Contacts
Andrew Abramowitz, Senior Advisor Berger Montague (215) [email protected]
Donnell Much, partner Berger Montague (215) [email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/88287.
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