The Law Offices of Frank R. Cruz reminds investors of the upcoming October 24, 2023 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Origin Materials, Inc. (“Origin” or the “Company”) (NASDAQ: ORGN) securities between February 23, 2023 and August 9, 2023, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
On August 9, 2023, after the market closed, Origin disclosed that it was significantly delaying the construction timeline 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 blamed the delay on the “high-cost environment” for capital projects, also revealing that the construction would cost more and yield less capacity than previously announced.
On this news, Origin’s stock price fell $2.99, or 66.5%, to close at $1.45 per share on August 10, 2023, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Origin would not be able to meet its previously announced timeline for the construction of the Origin 2 plant; (2) demand for PX had dropped such that it would not be the production focus of Origin 2; (3) Origin could not construct Origin 2 at its previously disclosed cost; (4) Origin could not construct Origin 2 at the scale it had previously identified; and (5) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired Origin securities during the Class Period, you may move the Court no later than October 24, 2023 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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