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ORGN.US
id: 810
Origin Materials (ORGN) Origin 2 Misleading Case
E.D. California
Court2:23-cv-01816
Case number02/23/2023
Class period Start08/09/2023
Class period End08/24/2023
Lead Plaintiff motion deadline- Origin Materials announced a delay for Origin 2 constructions and revealed that it would cost more and yield less capacity than previously announced.
- $ORGN fell 66%, losing over $412 million of market cap.
- Investors suspect Origin of misleading about the timeline for the construction of the Origin 2 plant.
On August 9, 2023, Origin announced that it was changing the product slate at its Origin 2 commercial plant and delay the timeline for construction on the Origin 2 plant, from its initial expectation for a mid-2025 completion to a two-phase completion, expected to finish in 2028.
The Company also revealed that the construction at Origin 2 would cost more and yield less capacity than previously announced.
On this news, $ORGN declined over 66%, losing over $412 million of its market capitalization.
Taking all management's representations into account, Investors have reasons to suspect Origin Materials and its executives of misleading about the timeline and scale of Origin 2 construction and failing to disclose that demand for paraxylene ("PX") had dropped such that it would not be the production focus of Origin 2.
Case Status
Motion to dismiss
Alleged Offence
Misleading Statements,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
08/10/2023
Filing date
08/25/2023
Lead Plaintiff Deadline
08/24/2023
Judge
Hon. William B. Shubb