Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces the Filing of a Securities Class Action on Behalf of Danimer Scientific Inc. (DNMR) Investors

LOS ANGELES--()--Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Danimer Scientific Inc. (“Danimer” or the “Company”) (NYSE: DNMR) securities between December 30, 2020 and March 19, 2021, inclusive (the “Class Period”). Danimer investors have until July 13, 2021 to file a lead plaintiff motion.

If you suffered a loss on your Danimer investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/danimer-scientific-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

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 article alleges that according to several experts on biodegradable plastics, "many claims about Nodax are exaggerated and misleading." According to the article, Jason Locklin, the expert who co-authored the study touted by Danimer as validating its material, stated that Danimer’s marketing is “sensationalized” and that making broad claims about Nodax's biodegradability "is not accurate" and is "greenwashing."

On this news, Danimer's stock price fell $6.43 per share, or roughly 13%, to close at $43.55 per share on March 22, 2021, thereby injuring investors.

Then, on April 22, 2021, Spruce Point Capital Management (“Spruce Point”) published a report, noting among other things, various inconsistencies with Danimer’s historical and present claims regarding the size of its operations, Nodax’s makeup and 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, thereby injuring investors further.

Then, on May 4, 2021, Spruce Point published another report on Danimer alleging that the Company had “wildly overstated” production figures, pricing, and financial projections based on documents Spruce Point had acquired from the Commonwealth of Kentucky’s Department of Environmental Protection (“KDEP”) under the Freedom of Information Act (“FOIA”), all of which cast 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, thereby injuring investors further.

The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Danimer had deficient internal controls; (2) as a result, the Company had misrepresented, inter alia, its operations’ size and regulatory compliance; (3) Defendants had overstated Nodax’s biodegradability, particularly in oceans and landfills; and (4) as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired Danimer securities during the Class Period, you may move the Court no later than July 13, 2021 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

Glancy Prongay & Murray LLP, Los Angeles
Charles H. Linehan, 310-201-9150 or 888-773-9224
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
www.glancylaw.com
shareholders@glancylaw.com

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Contacts

Glancy Prongay & Murray LLP, Los Angeles
Charles H. Linehan, 310-201-9150 or 888-773-9224
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
www.glancylaw.com
shareholders@glancylaw.com