UPCOMING LEAD PLAINTIFF DEADLINE IS OCTOBER 24, 2023
NEW YORK, Sept. 1, 2023 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP ("Wolf Haldenstein") announces that a federal class action securities law suit has been filed on behalf of purchasers of Origin Materials, Inc. (NASDAQ: ORGN) ("Origin") and certain of its executives, for securities fraud. The complaint was brought in United States District Court for the Eastern District of California and is on behalf of investors that incurred damages on their purchases in Origin Materials, Inc. securities between February 23, 2023 and August 9, 2023, inclusive.
Origin Materials. Inc. is a sustainable materials company founded in 2008 that purports to have developed a platform to convert the carbon found in biomass into carbon negative materials that can replace the petroleum-based substances typically used in various end products.
All investors who purchased shares and incurred losses are advised to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses, you may, no later than October 24, 2023, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.
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On February 17, 2021, Origin announced that it had entered into a merger agreement with the SPAC Artius Acquisition Inc. ("Artius"), and in connection with that merger would be undertaking two initial capital projects: Origin 1 and Origin 2. It stated: "Origin expects the engineering, procurement and construction stage of Origin 2 to begin in the middle of 2022 and proceed through 2025, with the front-end engineering design package completed and construction and fabrication started by the middle of 2023. Origin expects that the construction of Origin 2 will be complete, and the plant operational, in 2025."
On June 25, 2021, Origin and Artius closed their merger.
Once the Company went public, Defendants continually reaffirmed that Origin was on track to meet the timing and production goals it had set for Origin 2. For example, in a November 12, 2021 Form 8-K announcing the Company's financial results for the third quarter of 2021, Origin stated that "Origin 2 remains on track for completion by mid-2025."
Subsequently, in a May 9, 2022 earnings call, Defendant Bissell stated, "With regard to Origin 2, our previously disclosed capital budget and construction time line are unchanged. To be clear, we do see the inflationary environment and continue to closely monitor costs, but we are proactively managing our cost base and have built in substantial contingencies into our initial projections."
On August 9, 2023, after the market closed, Origin announced that it was significantly delaying the timeline for construction on its Origin 2 commercial plant and changing the product slate at Origin 2 from a focus on PX to a focus on FDCA. The Company disclosed that it "now expects Origin 2 to be completed in two phases, with Phase 1 estimated to be completed in late 2026 to 2027, and Phase 2 estimated to be completed in 2028, compared with our initial expectation for a mid-2025 completion." Origin blamed the delay on the "high-cost environment" for capital projects. The Company further revealed that the construction would cost more and yield less capacity than previously announced.
On this news, Origin's stock price fell $2.88 per share, or 66.5%, to close at $1.45 per share on August 10, 2023.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at classmember@whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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SOURCE Wolf Haldenstein Adler Freeman & Herz LLP
