Thieler Law Corp advises investors with losses exceeding $100,000 of the July 13, 2021 lead plaintiff deadline in a class action lawsuit filed against Danimer Scientific, Inc. (NYSE: DNMR) (Danimer Scientific, Inc. or “the Company”). The suit is pending in the U.S. District Court for the Middle District of Georgia  and investors, who purchased Danimer Scientific, Inc. securities between October 5, 2020 and May 4, 2021, have until July 13, 2021 to move for lead plaintiff. You do not need to move for lead plaintiff to be a member of the Class.

If you purchased Danimer Scientific, Inc. securities during the Class Period, and have losses over $100,000, you may contact Thieler Law Corp by calling at (619) 377 - 4324 or emailing mail@thielerlaw.com . No class has been certified in this case, and if your losses are less than $100,000 you are still a member of the class.

On October 5, 2020, the start of the Class Period, Danimer, then called Meredian Holdings Group, Inc. (doing business as Danimer Scientific, or Legacy Danimer), announced that it had entered into a definitive agreement for a business combination with Live Oak, a special purpose acquisition company (commonly referred to as a “SPAC”) that would result in Danimer being a publicly traded company. Live Oak’s shares traded on the New York Stock Exchange under the ticker symbol “LOAK.” On December 29, 2020, Danimer and Live Oak announced that it had completed the business combination, after the transaction was approved by Live Oak’s board of directors at a special meeting held the previous day.

On March 20, 2021, the Wall Street Journal published an article entitled “Plastic Straws That Quickly Biodegrade in the Ocean? Not Quite, Scientists Say.” In this article, the WSJ wrote that although “Nodax breaks down far more quickly than fossil-fuel plastics . . . many claims about Nodax are exaggerated and misleading, according to several experts on biodegradable plastics.” 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 approximately 13%, to close at $43.55 on March 22, 2021. Shares continued to plummet, falling to a March 30, 2021 close of just $34.15 per share.

Analyst Spruce Point Capital Management, on April 22, 2021, issued a report on Danimer writing that Danimer represented “Another Go Around at Plastic Alternatives with Several Corporate Governance Red Flags: 65%-100% Downside Risk.” In this report, Spruce Point alleged that “Danimer’s growth expansion story is likely to fail as did others that have previously tried. The most surprising aspect of Danimer’s business is not its lackluster technology, as highlighted by the Wall Street Journal’s March 2021 article, but the several corporate governance red flags we have found involving the past and current CEOs, the CTO and current Danimer executives and Directors.” Spruce Point continued: “[w]e question the independence of Danimer’s scientific research as Danimer has been a financial backer of the University of Georgia Lab and several professors who authored the supporting research. . . . We also believe Danimer has concealed, through numerous website changes and omission of past press releases, a pattern of conflicting and irreconcilable statements on capacity, facility size, and capex costs . . . .” On this news, Danimer’s stock price fell from its April 21, 2021 close of $25.00 per share to an April 22, 2021 close of $22.99 per share, representing a one-day drop of $2.01 per share, or approximately 8%.

Spruce Point issued a follow up report to its April 22, 2021 report on May 4, 2021, writing “insights from Danimer FOIA show smoking gun evidence of pricing inflation and slackness in capacity.” Spruce Point continued that “with the benefit of a recently released [FOIA] request from the Kentucky Department of Environmental Protection, we have evidence that suggests Danimer’s production figures, its pricing, and rosy financial projections are wildly overstated. Monthly Kentucky PHA production figures have been restated by up to 100% after coming public. Danimer’s PHA average selling price appears to be 30% - 42% below management’s claims. Moreover, Danimer’s recently reported production figures are so far below their actual capacity, that it calls into question why is Danimer telling investors it needs hundreds of millions of dollars in capacity expansion?” On this news, Danimer’s shares further plummeted, falling from its May 3, 2021 close of $23.63 per share to a May 4, 2021 close of $22.14, representing a one-day drop of $1.49 per share, or approximately 6.3%.

According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Danimer Scientific had overstated and/or misstated the biodegradability and environmentally-friendly nature of its Nodax product, particularly in oceans and landfills; (2) defendants misrepresented the size of Danimer Scientific’s facilities, production capacity and actual production amounts, and costs; (3) defendants misrepresented Danimer Scientific’s growth, financial results, and financial projections; (4) Danimer Scientific had deficient internal controls; and (5) as a result, defendants’ public statements were materially false and

If you were negatively impacted by your investment in Danimer Scientific, Inc. (NYSE: DNMR) securities between October 5, 2020 and May 4, 2021 and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation.

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