Origin Materials, Inc.
|Company Name||Origin Materials, Inc.|
|Class Period||February 23, 2023 to August 09, 2023|
|Lead Plaintiff Motion Deadline||October 24, 2023|
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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