Danimer Scientific Inc. (DNMR)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Danimer Scientific Inc. ("Danimer" or "the Company") (NYSE: DNMR). The investigation concerns whether Danimer and certain of its officers and/or directors have violated federal securities laws.
On March 20, 2021, 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, 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.” While Danimer reportedly asserts its claims are factual, the article cites at least one expert 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 publication of the Wall Street Journal article, Danimer’s stock price fell $6.43 per share, or roughly 13%, to close at $43.55 per share on March 22, 2021. Then, on April 22, 2021, Spruce Point Management (“Spruce Point”) published a report addressing Danimer, entitled “When the Tide Goes Out, What Will Wash Ashore?” Among other things, the Spruce Point Report asserted that “there are several corporate governance red flags with Danimer’s management team that should worry . . . investors” and expressed agreement with the concerns noted in the Wall Street Journal article. On this news, Danimer’s stock price fell $2.01 per share, or 8.04%, to close at $22.99 per share on April 22, 2021.
If you are aware of any facts relating to this investigation, or purchased Danimer shares, you can assist this investigation by visiting contacting the firm. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.