Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Eastern District of New York on behalf of shareholders of Danimer Scientific, Inc. (NYSE: DNMR) who purchased shares between December 30, 2020 and March 19, 2021.
Danimer and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On March 20, 2021, the Wall Street Journal reported that, according to several experts on biodegradable plastics, the Company’s claims that its product Nodax breaks down far more quickly than fossil-fuel plastics were “exaggerated and misleading.” While the Company reportedly asserts that its claims are factual, the article cited at least one expert as stating that making broad claims about Nodax’s biodegradability “is not accurate” and is “greenwashing.”
On this news, shares of Danimer plummeted 12.87%, or $6.43 per share, to close at $43.55 per share on March 22, 2021, the first trading day following the publication.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until July 13, 2021 to request that the court appoint them lead plaintiff.