Kaplan Fox & Kilsheimer LLP (http://www.kaplanfox.com) has been investigating claims on behalf of investors of Danimer Scientific Inc. (“Danimer” or the “Company”) (NYSE: DNMR).
On March 20, 2021, The Wall Street Journal published an article entitled “Plastic Straws That Quickly Biodegrade in the Ocean, Not Quite, Scientists Say” concerning, among other things, Danimer’s claims that Nodax – a plant-based plastic that Danimer markets – breaks down far more quickly than fossil-fuel plastics. The Wall Street Journal article alleges that according to several experts on biodegradable plastics, “many claims about Nodax are exaggerated and misleading.” Danimer reportedly says its claims are factual, but at least one expert is cited as stating that making broad claims about Nodax’s biodegradability “is not accurate” and is “greenwashing.” On March 22, 2021, the first trading day following the publication of The Wall Street Journal article, Danimer’s shares fell $6.43 per share, about 13%, to close at $43.55 per share.
On April 22, 2021, Spruce Point Capital Management, LLC issued a press release announcing a “detailed report entitled ‘When The Tide Goes Out, What Will Wash Ashore?’ that outlines why shares of Danimer Scientific, Inc. (NYSE: DNMR) [ ] face up to 65% downside risk and 100% long-term risk.” On April 22, 2021, Danimer shares declined from a closing price of $25 per share on April 21, 2021, to close at $22.99 per share, a decline of $2.01 per share, or over 8%.
On May 4, 2021, after the market opened, Spruce Point Capital Management, issued a press release announcing that it “released new evidence in a supplemental report” “that explains why Danimer Scientific, Inc.’s . . . production figures, its pricing, and rosy financial projections simply do not add up.” On May 4, 2021, Danimer shares declined $1.49 per share or over 6%.
If you purchased or otherwise acquired Danimer securities and would like to discuss our investigation, please contact us by emailing jcampisi@kaplanfox.com or by calling (212) 329-8571.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions.
For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at http://www.kaplanfox.com. If you have any questions about this investigation, your rights, or your interests, please contact:
Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(212) 329-8571
E-mail: jcampisi@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
Refs
Personal Remarks
It seems like Wall Street is throwing a birthday party for Danimer Scientific.
Do you think Wall Street will have Danimer Scientific at breakfast, lunch or supper?
May 17, 2021 = Earnings announcement for DNMR; May 17, 2021 Danimer Scientific, Inc. is expected to report earnings on 05/17/2021 after market close.
Will that be the date Danimer Scientific is served for dinner?
Or will Danimer Scientific survive the tide?
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