San Francisco, California--(Newsfile Corp. - June 23, 2021) - Hagens Berman urges Danimer Scientific, Inc. (NYSE: DNMR) investors with significant losses to submit your losses now.
Danimer Scientific, Inc. (NYSE: DNMR) Securities Fraud Action:
The complaint alleges that Danimer made misrepresentations and omissions concerning its production of polyhydroxyalkanoate ("PHA") - a biodegradeable alternative to petrochemical-based plastics, which the company sells under its proprietary Nodax brand.
The truth began to emerge on Mar. 20, 2021, when the Wall Street Journal reported that "many claims about Nodax are exaggerated and misleading." One quoted plastics expert labeled Danimer's claims about Nodax's biodegradability as "not accurate" and as "greenwashing."
Next, on Apr. 22, 2021, analyst Spruce Point published a scathing report noting: red flags; inconsistencies in Danimer's claims about the size of its operations and Nodax's makeup and degradability; and the company's expected profitability.
Then, on May 4, 2021, Spruce Point published another report after acquiring documents from Kentucky's Department of Environmental Protection and accused Danimer of "wildly overstating" production figures, pricing, and financial projections.
Most recently, on May 21, 2021, news outlets reported that the Kentucky Department of Financial Institutions had opened a formal inquiry into Danimer and Spruce Point's claims.
"We're focused on investors' losses and proving Danimer misled investors by greenwashing and misstating its true performance metrics," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you are a Danimer investor and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Danimer should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email DNMR@hbsslaw.com.
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