An investigation on behalf of current long-term investors in shares of Origin Materials, Inc. (NASDAQ: ORGN) concerning potential breaches of fiduciary duties by certain directors and officers of Origin Materials, Inc. was announced.
Investors who are current long term investors in Origin Materials, Inc. (NASDAQ: ORGN) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm for investors in NASDAQ: ORGN stocks follows a lawsuit filed against Origin Materials, Inc. over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ: ORGN stocks, concerns whether certain Origin Materials, Inc. officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Eastern District of California the plaintiff alleges that, 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.
Sacramento, CA based Origin Materials, Inc. operates as a carbon negative materials company. 2023. The Company 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. One of the sustainable materials in Origin’s platform is chloromethylfurfural (“CMF”), a building block chemical that can be converted into, among other products, (1) paraxylene (“PX”), a product that can replace non-sustainable chemicals in existing supply chains to produce polyethylene terephthalate (“PET”); and (2) furandicarboxylic acid (“FDCA”), which can be converted into polyethylene furanoate (“PEF”). According to the Company, these chemicals can be used in a variety of applications. PET’s applications include packaging, textiles, car parts, carpeting, toys, and construction materials, while FDCA and PEF’s include surfactants, epoxy resins, and packaging, with PEF having the potential to compete with glass and aluminum.
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,
Those who purchased shares of Origin Materials, Inc. (NASDAQ: ORGN) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Christopher Clausen
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About:
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.
