A lawsuit was filed on behalf of investors in Origin Materials, Inc. (NASDAQ:ORGN) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 09/18/2023 -- An investor, who purchased shares of Origin Materials, Inc. (NASDAQ: ORGN), filed a lawsuit against Origin Materials, Inc. over alleged violations of Federal Securities Laws.
Investors who purchased shares of Origin Materials, Inc. (NASDAQ: ORGN) have certain options and for certain investors are short and strict deadlines running. Deadline: October 24, 2023. NASDAQ: ORGN investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
Sacramento, CA based Origin Materials, Inc. operates as a carbon negative materials company. 2023.
On February 17, 2021, Origin Materials, Inc. announced that it had entered into a merger agreement with Artius Acquisition Inc., a special purpose acquisition company (commonly known as a blank-check company or SPAC). The companies announced that as a consequence of the merger, Origin Materials would begin trading on the NASDAQ.
On August 9, 2023, Origin Materials, Inc. announced that it has revised the timeline and raised the capital budget for the completion of its second commercial plant. Citing a "higher-cost capital project environment," the Company now expects Origin 2 will be completed in two phases, with Phase 1 completion estimated in late 2026 to 2027, and Phase 2 completion projected in 2028, compared with the company's initial expectation for a mid-2025 completion.
Shares of Origin Materials, Inc. (NASDAQ: ORGN) declined from over $10 per share in June 2021, to as low as $1.18 per share on August 11,
The plaintiff claims that between February 23, 2023 and August 9, 2023, the defendants made false and/or misleading statements and/or failed to disclose that Origin Materials would not be able to meet its previously announced timeline for the construction of its Origin 2 commercial plant, that demand for paraxylene, a product that can replace non-sustainable chemicals in existing supply chains, had dropped such that it would not be the production focus of the Origin 2 plant, that Origin Materials could not construct the Origin 2 plant at its previously disclosed cost, and that Origin Materials could not construct the Origin 2 plant at the scale it had previously identified.
Those who purchased shares of Origin Materials, Inc. (NASDAQ: ORGN) have certain options and should contact the Shareholders Foundation.
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The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.