NEW YORK, May 20, 2021 /PRNewswire/ — Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Danimer Scientific, Inc. («Danimer Scientific» or the «Company») (NYSE: DNMR) from October 5, 2020 through May 3, 2021 (the «Class Period»). The lawsuit filed in the United States District Court for the Eastern District of New York alleges violations of the Securities Exchange Act of 1934.
If you purchased Danimer Scientific securities, and/or would like to discuss your legal rights and options please visit Danimer Scientific Shareholder Class Action Lawsuit or contact Joseph R. Seidman toll free at (877) 779-1414 or firstname.lastname@example.org
The complaint alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) Danimer Scientific had deficient internal controls; (ii) as a result, Danimer Scientific had misrepresented, among other things, its operations’ size and regulatory compliance; (iii) defendants had overstated Nodax’s biodegradability, particularly in oceans and landfills; and (iv) as a result, Danimer Scientific’s public statements were materially false and misleading at all relevant times.
On March 20, 2021, the Wall Street Journal published an article stating, among other things, that Danimer Scientific’s «many claims about Nodax are exaggerated and misleading.» On this news, the Company’s stock price fell $6.43 per share, or almost 13%, to close at $43.55 per share on March 22, 2021, thereby injuring investors.
On April 22, 2021, Spruce Point Capital Management («Spruce Point») published a report noting various inconsistencies with Danimer’s historical and present claims regarding the size of its operations, Nodax’s degradability, and the Company’s expected profitability. On this news, Danimer’s stock price fell $2.01 per share, or 8.04%, to close at $22.99 per share on April 22, 2021, further injuring investors.
Finally, on May 4, 2021, Spruce Point published an additional report alleging that Danimer Scientific had «wildly overstated» its production figures, pricing, and financial projections based on documents obtained through the Commonwealth of Kentucky’s Department of Environmental Protection, casting serious doubt on the integrity of the Company’s internal controls. On this news, Danimer’s stock price fell $1.49 per share, or 6.31%, to close at $22.14 per share on May 4, 2021, further injuring investors.
If you wish to serve as lead plaintiff, you must move the Court no later than July 13, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Danimer Scientific securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/danimerscientificinc-dnmr-shareholder-class-action-lawsuit-fraud-stock-402/apply/ or contact Joseph R. Seidman toll free at (877) 779-1414 or email@example.com
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s «Plaintiffs’ Hot List» thirteen times and listed in The Legal 500 for ten consecutive years.
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