GlobeNewswire Inc | Jun 18, 2021 04:13PM EDT

June 18, 2021

RADNOR, Pa., June 18, 2021 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that securities fraud class action lawsuits have been filed in the United States District Court for the Eastern District of New York against Danimer Scientific, Inc. (NYSE: DNMR) (Danimer) f/k/a Live Oak Acquisition Corp. (NYSE: LOAK) (Live Oak) on behalf of those who purchased or acquired Danimer securities between October 5, 2020 and May 4, 2021, inclusive (the Class Period).

Investor Deadline Reminder: Investors who purchased or acquired Danimer securitiesduring the Class Period may, no later than July 13, 2021, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; via e-mail atinfo@ktmc.com; orclick https://www.ktmc.com/danimer-scientific-class-action-lawsuit?utm_source=PR&utm_medium=link&utm_campaign=danimer

The Class Period commences on October 5, 2020, when Meredian Holdings Group, Inc. (Meredian), doing business as Danimer Scientific, a performance polymer company specializing in bioplastic replacements for traditional petrochemical-based plastics, announced that it had entered into a definitive agreement for a business combination with Live Oak (the Business Combination). On December 30, 2020, Danimer issued a post-market press release announcing the completion of the Business Combination. That press release represented that [Danimers] signature polymer, Nodax PHA (polyhydroxyalkanoate), is a 100% biodegradable, renewable, and sustainable plastic that is the first PHA polymer to be certified as marine degradable, the highest standard of biodegradability, which verifies the material will fully degrade in ocean water without leaving behind harmful microplastics.

Then, on March 20, 2021, TheWall Street Journal published an article entitled Plastic Straws That Quickly Biodegrade in the Ocean, Not Quite, Scientists Say addressing, among other things, Danimers claims that Nodax breaks down far more quickly than fossil-fuel plastics. Specifically, the article reported that many claims about Nodax are exaggerated and misleading, according to several experts on biodegradable plastics, and that, despite breaking down more quickly than traditional fossil-fuel plastics, [b]iodegradable straws, bottles and bags can persist in the ocean for several years.

On April 22, 2021, research firm Spruce Point Capital Management (Spruce Point) issued a report demonstrating that Danimers annual report disclosures regarding the purchase price of the Kentucky Facility were inconsistent with city records. Then, on May 4, 2021, Spruce Point issued a follow-up report which revealed that Danimers production figures, average selling price, and financial projections had been wildly overstated. Following this news, Danimers stock price fell $4.48, or 20%, over three consecutive trading sessions to close at $17.66 per share on May 6, 2021.

The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) the defendants overstated and/or misstated the biodegradability and environmentally-friendly nature of its Nodax product; (2) the defendants misrepresented the size of Danimers facilities, production capacity and actual production amounts, and costs; (3) the defendants misrepresented Danimers growth, financial results, and financial projections; (4) Danimer had deficient internal controls; and (5) as a result, Danimers public statements were materially false and misleading at all relevant times.

Danimer investors may, no later than July 13, 2021, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class members claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.

Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.

CONTACT:

Kessler Topaz Meltzer & Check, LLPJames Maro, Jr., Esq.Adrienne Bell, Esq.280 King of Prussia RoadRadnor, PA 19087(844) 887-9500 (toll free)info@ktmc.com