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SHAREHOLDER ALERT: Law firm Pomerantz reminds shareholders of losses on their investment in Danimer Scientific, Inc. of class action lawsuit and upcoming deadline – DNMR

NEW YORK, May 20, 2021 (GLOBE NEWSWIRE) – Pomerantz LLP announces that a class action lawsuit has been filed against Danimer Scientific, Inc. (“Danimer” or the “Company”) (NYSE: DNMR) and certain of its officers and administrators. The class action lawsuit, filed in the United States District Court for the Eastern District of New York, and registered as 21-cv-02708, is in the name of a group consisting of all persons and entities other than the defendants who have purchased or otherwise acquired Danimer securities. between December 30, 2020 and March 19, 2021, both dates inclusive (the “Class Action Period”), seeking to recover damages caused by defendants’ violations of federal securities laws and to bring legal actions under Sections 10 (b) and 20 (a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 enacted thereunder, against the Company and certain of its senior officials. If you are a shareholder who purchased Danimer securities during the recourse period, you have until July 13, 2021 to ask the court to appoint you as the principal plaintiff of the class. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll free, Ext. 7980. Those inquiring by e-mail are encouraged to provide their mailing address, telephone number and the number of shares purchased. [Click here for information about joining the class action] Danimer was formerly known as “Live Oak Acquisition Corp.” (“Live Oak”), a publicly traded special purpose acquisition company. In December 2020, Live Oak completed a business combination with Meredian Holdings Group, Inc., doing business as Danimer Scientific (“Legacy Danimer”), a performance polymers company specializing in the replacement of bioplastics for traditional petrochemical plastics (the “Business Combination”)). As a result of the business combination, Live Oak changed its name to “Danimer Scientific, Inc.”, changed its operations to the operations of Legacy Danimer and replaced its management with the management of Legacy Danimer. As of 2020, Legacy Danimer – and, following the business combination, Danimer – has been marketing polyhydroxyalkanoates under its proprietary brand “Nodax” for use in a wide variety of plastic applications, including water bottles, straws and food containers, among others. The company pitched Nodax as a 100% biodegradable, renewable and sustainable plastic, which is allegedly superior to traditional plastics due to its advanced biodegradability. The company attributes the advanced biodegradability of Nodax to the naturally occurring microorganisms that eat the bioplastic. The complaint alleges that, throughout the period of the action, the defendants made materially false and misleading statements regarding the activities, operations and compliance policies of the company. Specifically, the defendants made false and / or misleading statements and / or failed to disclose that: (i) Danimer had deficient internal controls; (ii) as a result, the Company had distorted, among other things, the size of its business and regulatory compliance; (iii) The defendants overestimated the biodegradability of Nodax, especially in oceans and landfills; and (iv) therefore, the Company’s public statements were materially false and misleading at all material times. On March 20, 2021, the Wall Street Journal (“WSJ”) published an article titled “Plastic straws that biodegrade quickly in the ocean, not quite, say scientists” discussing, among other things, claims by Danimer that Nodax breaks down much faster than fossil fuel plastics. The WSJ article alleged that, according to several experts on biodegradable plastics, “many claims about Nodax are exaggerated and misleading.” Although Danimer claims his claims are factual, the article quotes at least one expert who states that making general statements about the biodegradability of Nodax “is not accurate” and constitutes “greenwashing”. On March 22, 2021, the first trading day following the publication of the WSJ article, Danimer’s stock price fell $ 6.43 per share, or 12.87%, to close at 43.55 $ per share on March 22, 2021. Following the end of the recourse period on April 22, 2021, Spruce Point Capital Management (“Spruce Point”) issued a report on Danimer, noting, among other red flags, various inconsistencies with Legacy Danimer’s (and Danimer’s) historical and current claims regarding the size of its operations, Nodax’s composition and degradability, as well as the expected profitability of the company. Following the release of the Spruce Point report, Danimer’s share price fell $ 2.01 per share, or 8.04%, to close at $ 22.99 per share on April 22, 2021. Then, the May 4, 2021, Spruce Point released another report on Danimer alleging that the company had “grossly overestimated” production numbers, prices and financial projections based on documents that Spruce Point had acquired from the Department of Human Rights Protection. environment of the Commonwealth of Kentucky under the Freedom of Information Act, all of which cast serious doubts on the integrity of the company. internal controls. Following the release of this second Spruce Point report, Danimer’s share price fell $ 1.49 per share, or 6.31%, to close at $ 22.14 per share on April 22, 2021. The Pomerantz Firm, with offices in New York, Chicago, Los Angeles and Paris is recognized as one of the leading firms in the areas of corporate litigation, securities and the antitrust class. Founded by the late Abraham L. Pomerantz, known as the dean of the class actions bar, Pomerantz was a pioneer in the field of class actions in securities. Today, more than 80 years later, Pomerantz continues the tradition it established, fighting for the rights of victims of securities fraud, breach of fiduciary duty and malpractice. The firm has recovered numerous indemnities of several millions of dollars on behalf of the members of the group. See www.pomerantzlaw.com CONTACT: Robert S. WilloughbyPomerantz [email protected] ext. 7980



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