DANIMER SHAREHOLDERS 101 0 Kommentare July 13, 2021 Filing Deadline in Class Action – Contact Lieff Cabraser - Seite 2

On March 20, 2021, The Wall Street Journal (“WSJ”) reported that, according to several experts on biodegradable plastics, “many claims about Nodax are exaggerated and misleading.” The WSJ article noted that at least one expert commented that Danimer’s broad claims about Nodax’s biodegradability “is not accurate” and is “greenwashing.” Following this news, Danimer’s stock price fell $6.43 per share, or 12.87%, from its closing price of $49.98 on March 19, 2021, to close at $43.55 per share on March 22, 2021.

On April 22, 2021, Spruce Point Capital Management (“Spruce Point”) issued a report on Danimer noting, among other red flags, various inconsistencies with Legacy Danimer’s, and Danimer’s, historical and present claims regarding their business and operations. The report found “multiple conflicting sources of Danimer’s facility sizes and production capacity” and “inconsistencies between reported figures and city filings for Kentucky facility capital costs.” That same day, Danimer’s stock price fell $2.01 per share, or 8.04%, from its closing price of $25.00 on April 21, 2021, to close at $22.99 per share on April 22, 2021.

On May 4, 2021, Spruce Point published a follow-up report on Danimer, alleging that the Company had “wildly overstated” production figures, pricing, and financial projections based on documents Spruce Point obtained through a Freedom of Information Act request. According to the report, the documents showed that Danimer’s internal controls related to its production figures were deficient. On this news, the Company’s stock price fell $4.48, or 20%, over three consecutive trading sessions to close at $17.66 per share on May 6, 2021, on unusually heavy trading volume.

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