Origin Materials(US:ORGN) Globenewswire·2025-03-19 12:00Core Viewpoint - A shareholder class action lawsuit has been filed against Origin Materials, Inc. for allegedly misleading investors regarding the construction and operational timeline of its Origin 2 plant, which is critical for the company's future production capabilities [1][3]. Group 1: Allegations and Misconduct - The lawsuit claims that Origin failed to disclose significant issues, including the inability to meet the construction timeline for the Origin 2 plant, a drop in demand for paraxylene (PX), and an increase in projected costs [3]. - The complaint highlights that the defendants' positive statements about the company's business and prospects were materially misleading and lacked a reasonable basis [3]. Group 2: Financial Impact - On August 9, 2023, Origin reported disappointing financial results, revealing that the Origin 2 plant would not be operational by mid-2025 as previously stated, and would be smaller and more expensive than initially projected [4]. - Following this announcement, Origin's stock price plummeted by $2.88, representing a decline of over 66%, closing at $1.45 per share on August 10, 2023 [4]. Group 3: Legal Proceedings - The investigation aims to determine whether members of Origin's board of directors violated securities laws or breached their fiduciary duties in relation to the alleged misconduct [5]. - Current shareholders who purchased shares before February 23, 2023, are encouraged to seek legal advice regarding their rights and options [6].