CLASS ACTION UPDATE: Law Office of Brodsky & Smith Reminds Investors of Deadline in Class Action Against Danimer Scientific, Inc., f/k/a Live Oak Acquisition Corp. (NYSE: DNMR)
BALA CYNWYD, June 21, 2021 /Access Wire/ – Law office of Brodsky & Smith reminds investors of the deadline to file regarding claims against Danimer Scientific, Inc. (“Danimer Scientific” or the “Company”) (NYSE: DNMR), f/k/a Live Oak Acquisition Corp. (“Live Oak”) (NYSE – LOAK) for possible breaches of Federal Securities law.
If you purchased shares of Danimer Scientific between October 5, 2020 and May 4, 2021, inclusive (the “Class Period”), and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith who will, without obligation or cost to you, attempt to answer your questions. The deadline for filing is July 13, 2021. You may contact Marc Ackerman, Esquire or Jason Brodsky, Esquire at Brodsky & Smith, Two Bala Plaza, Suite 805, Bala Cynwyd, PA 19004, or by calling toll free 877-534-2590.
Live Oak was a publicly traded special purpose acquisition company. In December 2020, Live Oak consummated a business combination with Meredian Holdings Group, Inc. (“Meredian”), doing business as Danimer Scientific (the “Business Combination”). Following the Business Combination, Live Oak changed its name to “Danimer Scientific, Inc.
On October 5, 2020, when Meredian announced that it had entered into a definitive agreement for the Business Combination. Thereafter, on December 30, 2020, Danimer issued a post-market press release announcing the completion of the Business Combination. That press release represented that “[Danimer’s] signature polymer, Nodax™ PHA (polyhydroxyalkanoate), is a 100% biodegradable, renewable, and sustainable plastic” that “is the first PHA polymer to be certified as marine degradable, the highest standard of biodegradability, which verifies the material will fully degrade in ocean water without leaving behind harmful microplastics.” Throughout the Class Period, Danimer touted Nodax’s environmental benefits, its viability as a fully biodegradable alternative to conventional plastic, the level of demand for Nodax, and the average selling price for Nodax.
On March 20, 2021, the truth began to emerge when 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 breaks down far more quickly than fossil-fuel plastics. Following this news, the price of Danimer stock declined by $6.43, from $49.98 per share on March 19, 2021 to $43.55 per share on March 22, 2021, approximately 13%.
According to the filed complaint, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) the defendants overstated and/or misstated the biodegradability and environmentally-friendly nature of its Nodax product; (2) the defendants misrepresented the size of Danimer’s facilities, production capacity and actual production amounts, and costs; (3) the defendants misrepresented Danimer’s growth, financial results, and financial projections; (4) Danimer had deficient internal controls; and (5) as a result, Danimer’s public statements were materially false and misleading at all relevant times.
Brodsky & Smith is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.