Danimer Scientific, a leader in next-generation bioplastics focused on developing and producing biodegradable materials, announced that on September 27, 2024, the United States Court of Appeals for the Second Circuit upheld the 2023 dismissal of a putative class action complaint titled In re Danimer Scientific, Inc. Securities Litigation. The case, which had previously been dismissed by the United States District Court for the Eastern District of New York, has now been conclusively affirmed. Following this outcome, plaintiffs in three shareholder derivative cases in Delaware state and federal courts, which had been on hold pending the Second Circuit decision, have voluntarily dismissed their complaints.
“We are pleased that the Second Circuit upheld the District Court’s decision as we expected and to have the other derivative cases dismissed,” said Richard Altice, Danimer’s Interim Chief Executive Officer. “We look forward to putting this distraction fully behind us and remain committed to partnering with our current and future customers to bring sustainably-sourced and biodegradable products and packaging to the market.”
About Danimer Scientific
Danimer is a pioneering bioplastics company creating sustainable, natural alternatives for plastic products. For over a decade, its renewable and sustainable biopolymers have enabled the production of biodegradable and compostable plastic products that return to nature rather than polluting our land and waters. Danimer’s technology is applied to a wide range of products, including coatings, fibers, films, and injection-molded items. With over 480 granted patents and pending applications worldwide, Danimer continues to lead in developing solutions for more sustainable consumer products. For more information, visit danimerscientific.com.
Forward‐Looking Statements
This press release may contain forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and beliefs concerning future events affecting Danimer Scientific and involve risks and uncertainties. Actual results may differ materially from those expressed or implied in forward-looking statements due to various factors, including the risk of further appeals in the class action case, fluctuations in consumer demand, global economic conditions, and impacts from the ongoing Ukraine conflict. For a complete overview of potential risks and factors that could affect Danimer Scientific, refer to the company’s reports with the SEC, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Danimer assumes no obligation to update these statements to reflect events or circumstances after this release’s date.
