Origin Materials, Inc. Securities Class Action - ORGN
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The Origin Materials class action lawsuit seeks to represent purchasers or acquirers of Origin Materials, Inc. (NASDAQ: ORGN) securities between February 23, 2023 and August 9, 2023, inclusive (the “Class Period”). Captioned Soto v. Origin Materials, Inc., No. 23-cv-01816 (E.D. Cal.), the Origin Materials class action lawsuit charges Origin Materials and certain of its top officers with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Origin Materials class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at email@example.com. Lead plaintiff motions for the Origin Materials class action lawsuit must be filed with the court no later than October 24, 2023.
CASE ALLEGATIONS: Origin Materials is a sustainable materials company that purports to have developed a platform to convert carbon found in biomass into carbon negative materials that can replace the petroleum-based substances typically used in various end products. On February 17, 2021, Origin Materials 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.
The Origin Materials class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Origin Materials would not be able to meet its previously announced timeline for the construction of its Origin 2 commercial plant; (ii) 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; (iii) Origin Materials could not construct the Origin 2 plant at its previously disclosed cost; and (iv) Origin Materials could not construct the Origin 2 plant at the scale it had previously identified.
On August 9, 2023, Origin Materials announced it was significantly delaying the timeline for construction on its Origin 2 commercial plan and changing the product slate at Origin 2. Origin Materials 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 Materials blamed the delay on the “high-cost environment” for capital projects. Origin Materials further revealed that the construction would cost more and yield less capacity than previously announced. On this news, the price of Origin Materials stock declined more than 66%, damaging investors.
Robbins Geller has launched a dedicated SPAC Task Force to protect investors in blank check companies and seek redress for corporate malfeasance. Comprised of experienced litigators, investigators, and forensic accountants, the SPAC Task Force is dedicated to rooting out and prosecuting fraud on behalf of injured SPAC investors. The rise in blank check financing poses unique risks to investors. Robbins Geller’s SPAC Task Force represents the vanguard of ensuring integrity, honesty, and justice in this rapidly developing investment arena.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Origin Materials securities during the Class Period to seek appointment as lead plaintiff of the Origin Materials class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Origin Materials class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Origin Materials class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Origin Materials class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.