NEW YORK, April 23, 2021 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Danimer Scientific Inc. («Danimer» or the «Company») (NYSE: DNMR). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Danimer and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On March 20, 2021, the Wall Street Journal published an article entitled «Plastic Straws That Quickly Biodegrade in the Ocean, Not Quite, Scientists Say» addressing, among other things, Danimer’s claims that Nodax, a plant-based plastic that Danimer markets, breaks down far more quickly than fossil-fuel plastics. The Wall Street Journal article alleges that according to several experts on biodegradable plastics, «many claims about Nodax are exaggerated and misleading.» While Danimer reportedly asserts its claims are factual, the article cites at least one expert as stating that making broad claims about Nodax’s biodegradability «is not accurate» and is «greenwashing.»
On March 22, 2021, the first trading day following publication of the Wall Street Journal article, Danimer’s stock price fell $6.43 per share, or roughly 13%, to close at $43.55 per share on March 22, 2021.
Then, on April 22, 2021, Spruce Point Management («Spruce Point») published a report addressing Danimer, entitled «When the Tide Goes Out, What Will Wash Ashore?» Among other things, the Spruce Point Report asserted that «there are several corporate governance red flags with Danimer’s management team that should worry . . . investors» and expressed agreement with the concerns noted in the Wall Street Journal article.
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.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP