{"id":500605,"date":"2021-06-03T09:53:02","date_gmt":"2021-06-03T13:53:02","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-danimer-scientific-inc-of-class-action-lawsuit-and-upcoming-deadline-dnmr-3\/"},"modified":"2021-06-03T09:53:02","modified_gmt":"2021-06-03T13:53:02","slug":"shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-danimer-scientific-inc-of-class-action-lawsuit-and-upcoming-deadline-dnmr-3","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-danimer-scientific-inc-of-class-action-lawsuit-and-upcoming-deadline-dnmr-3\/","title":{"rendered":"SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Danimer Scientific, Inc. of Class Action Lawsuit and Upcoming Deadline \u2013 DNMR"},"content":{"rendered":"
\n

NEW YORK, June 03, 2021 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Danimer Scientific, Inc. (\u201cDanimer\u201d or the \u201cCompany\u201d) (NYSE: DNMR) and certain of its officers and directors.\u00a0\u00a0 The class action, filed in the United States District Court for the Eastern District of New York, and docketed under 21-cv-02708, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Danimer securities between December 30, 2020 and March 19, 2021, both dates inclusive (the \u201cClass Period\u201d), seeking to recover damages caused by Defendants\u2019 violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the \u201cExchange Act\u201d) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.<\/p>\n

If you are a shareholder who purchased Danimer securities during the Class Period, you have until July 13, 2021 to ask the Court to appoint you as Lead Plaintiff for the class.\u00a0 A copy of the Complaint can be obtained at www.pomerantzlaw.com<\/u><\/a>. \u00a0 To discuss this action, contact Robert S. Willoughby at newaction@pomlaw.com<\/u><\/a> or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.\u00a0<\/p>\n

\n
\n
\n [Click here for information about joining the class action]<\/u>
\n <\/strong>
\n <\/a>\n <\/p>\n

Danimer was formerly known as \u201cLive Oak Acquisition Corp.\u201d (\u201cLive Oak\u201d), a publicly-traded special purpose acquisition company.\u00a0 In December 2020, Live Oak consummated a business combination with Meredian Holdings Group, Inc., doing business as Danimer Scientific (\u201cLegacy Danimer\u201d), a performance polymer company specializing in bioplastic replacements for traditional petrochemical-based plastics (the \u201cBusiness Combination\u201d).\u00a0 Following the Business Combination, Live Oak changed its name to \u201cDanimer Scientific, Inc.,\u201d changed its business to Legacy Danimer\u2019s business, and replaced its management with Legacy Danimer\u2019s management.<\/p>\n

Since 2020, Legacy Danimer\u2014and, following the Business Combination, Danimer\u2014has sold polyhydroxyalkanoates commercially under its proprietary \u201cNodax\u201d brand name for usage in a wide variety of plastic applications including water bottles, straws, and food containers, among others.\u00a0 The Company has touted Nodax as a 100% biodegradable, renewable, and sustainable plastic, which is purportedly superior to traditional plastics because of its advanced biodegradability.\u00a0 The Company attributes Nodax\u2019s advanced biodegradability to microorganisms in nature that eat the bioplastic.<\/p>\n

The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company\u2019s business, operations, and compliance policies.\u00a0 Specifically, Defendants made false and\/or misleading statements and\/or failed to disclose that: (i) Danimer had deficient internal controls; (ii) as a result, the Company had misrepresented, inter alia<\/em>, its operations\u2019 size and regulatory compliance; (iii) Defendants had overstated Nodax\u2019s biodegradability, particularly in oceans and landfills; and (iv) as a result, the Company\u2019s public statements were materially false and misleading at all relevant times.<\/p>\n

On March 20, 2021, the Wall Street Journal<\/em> (\u201cWSJ\u201d) published an article entitled \u201cPlastic Straws That Quickly Biodegrade in the Ocean, Not Quite, Scientists Say\u201d addressing, among other things, Danimer\u2019s claims that Nodax breaks down far more quickly than fossil-fuel plastics.\u00a0 The WSJ article alleged that, according to several experts on biodegradable plastics, \u201cmany claims about Nodax are exaggerated and misleading.\u201d\u00a0 While Danimer reportedly asserts its claims are factual, the article cites at least one expert as stating that making broad claims about Nodax\u2019s biodegradability \u201cis not accurate\u201d and is \u201cgreenwashing.\u201d<\/p>\n

On March 22, 2021, the first trading day following the publication of the WSJ article, Danimer\u2019s stock price fell $6.43 per share, or 12.87%, to close at $43.55 per share on March 22, 2021.<\/p>\n

Following the end of the Class Period, on April 22, 2021, Spruce Point Capital Management (\u201cSpruce Point\u201d) published a report on Danimer, noting, among other red flags, various inconsistencies with Legacy Danimer\u2019s (and Danimer\u2019s) historical and present claims regarding the size of its operations, Nodax\u2019s makeup and degradability, and the Company\u2019s expected profitability.<\/p>\n

Following the publication of the Spruce Point report, Danimer\u2019s stock price fell $2.01 per share, or 8.04%, to close at $22.99 per share on April 22, 2021.<\/p>\n

Then, on May 4, 2021, Spruce Point published another report on Danimer alleging that the Company had \u201cwildly overstated\u201d production figures, pricing, and financial projections based on documents Spruce Point had acquired from the Commonwealth of Kentucky\u2019s Department of Environmental Protection under the Freedom of Information Act, all of which cast serious doubt on the integrity of the Company\u2019s internal controls.<\/p>\n

Following the publication of this second Spruce Point report, Danimer\u2019s stock price fell $1.49 per share, or 6.31%, to close at $22.14 per share on April 22, 2021.<\/p>\n

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<\/a><\/u><\/p>\n

\n CONTACT:
<\/strong>Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com<\/u><\/a>
<\/a>888-476-6529 ext. 7980<\/p>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

NEW YORK, June 03, 2021 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Danimer Scientific, Inc. (\u201cDanimer\u201d or the \u201cCompany\u201d) (NYSE: DNMR) and certain of its officers and directors.\u00a0\u00a0 The class action, filed in the United States District Court for the Eastern District of New York, and docketed under 21-cv-02708, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Danimer securities between December 30, 2020 and March 19, 2021, both dates inclusive (the \u201cClass Period\u201d), seeking to recover damages caused by Defendants\u2019 violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act … <\/p>\n

Continue reading “SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Danimer Scientific, Inc. of Class Action Lawsuit and Upcoming Deadline \u2013 DNMR”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-500605","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nSHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Danimer Scientific, Inc. of Class Action Lawsuit and Upcoming Deadline \u2013 DNMR - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-danimer-scientific-inc-of-class-action-lawsuit-and-upcoming-deadline-dnmr-3\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Danimer Scientific, Inc. of Class Action Lawsuit and Upcoming Deadline \u2013 DNMR - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"NEW YORK, June 03, 2021 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Danimer Scientific, Inc. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-danimer-scientific-inc-of-class-action-lawsuit-and-upcoming-deadline-dnmr-3\/","og_locale":"en_US","og_type":"article","og_title":"SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Danimer Scientific, Inc. of Class Action Lawsuit and Upcoming Deadline \u2013 DNMR - Market Newsdesk","og_description":"NEW YORK, June 03, 2021 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Danimer Scientific, Inc. (\u201cDanimer\u201d or the \u201cCompany\u201d) (NYSE: DNMR) and certain of its officers and directors.\u00a0\u00a0 The class action, filed in the United States District Court for the Eastern District of New York, and docketed under 21-cv-02708, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Danimer securities between December 30, 2020 and March 19, 2021, both dates inclusive (the \u201cClass Period\u201d), seeking to recover damages caused by Defendants\u2019 violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act … Continue reading \"SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Danimer Scientific, Inc. of Class Action Lawsuit and Upcoming Deadline \u2013 DNMR\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-danimer-scientific-inc-of-class-action-lawsuit-and-upcoming-deadline-dnmr-3\/","og_site_name":"Market Newsdesk","article_published_time":"2021-06-03T13:53:02+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODI0ODQyNCM0MjI2NTI2IzIwMTc2NDQ=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-danimer-scientific-inc-of-class-action-lawsuit-and-upcoming-deadline-dnmr-3\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-danimer-scientific-inc-of-class-action-lawsuit-and-upcoming-deadline-dnmr-3\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Danimer Scientific, Inc. of Class Action Lawsuit and Upcoming Deadline \u2013 DNMR","datePublished":"2021-06-03T13:53:02+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-danimer-scientific-inc-of-class-action-lawsuit-and-upcoming-deadline-dnmr-3\/"},"wordCount":891,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-danimer-scientific-inc-of-class-action-lawsuit-and-upcoming-deadline-dnmr-3\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODI0ODQyNCM0MjI2NTI2IzIwMTc2NDQ=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-danimer-scientific-inc-of-class-action-lawsuit-and-upcoming-deadline-dnmr-3\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-danimer-scientific-inc-of-class-action-lawsuit-and-upcoming-deadline-dnmr-3\/","name":"SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Danimer Scientific, Inc. of Class Action Lawsuit and Upcoming Deadline \u2013 DNMR - 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