Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Eastern District of California on behalf of shareholders of Origin Materials, Inc. who purchased shares between February 23, 2023 and August 9, 2023.
Origin Materials and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
The alleged false and misleading statements and omissions include, but are not limited to, that: (i) the Company would not be able to meet its previously announced timeline for the construction of its Origin 2 commercial plant; (ii) demand for paraxylene, a product that can replace non-sustainable chemicals in existing supply chains, had dropped such that it would not be the production focus of the Origin 2 plant; and (iii) the Company could not construct the Origin 2 plant at its previously disclosed cost or at the scale it had previously identified.
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 October 24, 2023 to request that the court appoint them lead plaintiff.