Origin Materials, Inc. (NASDAQ: ORGN)

Join This Class Action

NEW YORK, NY –  August  30, 2023 – Wolf Haldenstein Adler Freeman & Herz LLP  (“Wolf  Haldenstein”) announces that a federal class action securities law suit has been filed on behalf of purchasers of Origin Materials, Inc. (NASDAQ: ORGN) and certain of its executives, for securities fraud. The complaint was brought in United States District Court for the Eastern District of California and is on behalf of investors that incurred damages on their purchases in Origin Materials, Inc. securities between February 23, 2023 and August 9, 2023, inclusive. 

Origin is a sustainable materials company founded in 2008 that purports to have developed a platform to convert the carbon found in biomass into carbon negative materials that can replace the petroleum-based substances typically used in various end products.

All investors who purchased shares and incurred losses are  advised  to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. 

If you have incurred losses, you may, no later than October 24, 2023, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.

On February 17, 2021, Origin announced that it had entered into a merger agreemnt with the SPAC Artius Acquisition Inc. (“Artius”), and in connection with that merger would be undertaking two initial capital projects: Origin 1 and Origin 2. It stated: “Origin expects the engineering, procurement and construction stage of Origin 2 to begin in the middle of 2022 and proceed through 2025, with the front-end engineering design package completed and construction and fabrication started by the middle of 2023. Origin expects that the construction of Origin 2 will be complete, and the plant operational, in 2025.”

On June 25, 2021, Origin and Artius closed their merger.

Once the Company went public, Defendants continually reaffirmed that Origin was on track to meet the timing and production goals it had set for Origin 2. For example, in a November 12, 2021 Form 8-K announcing the Company’s financial results for the third quarter of 2021, Origin stated that “Origin 2 remains on track for completion by mid-2025.”

Subsequently, in a May 9, 2022 earnings call, Defendant Bissell stated, “With regard to Origin 2, our previously disclosed capital budget and construction time line are unchanged. To be clear, we do see the inflationary environment and continue to closely monitor costs, but we are proactively managing our cost base and have built in substantial contingencies into our initial projections.”

On August 9, 2023, after the market closed, Origin announced that it was significantly delaying the timeline for construction on its Origin 2 commercial plant and changing the product slate at Origin 2 from a focus on PX to a focus on FDCA. The Company disclosed that it “now expects Origin 2 to be completed in two phases, with Phase 1 estimated to be completed in late 2026 to 2027, and Phase 2 estimated to be completed in 2028, compared with our initial expectation for a mid-2025 completion.” Origin blamed the delay on the “high-cost environment” for capital projects. The Company further revealed that the construction would cost more and yield less capacity than previously announced.

On this news, Origin’s stock price fell $2.88 per share, or 66.5%, to close at $1.45 per share on August 10, 2023.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at classmember@whafh.com.



Wolf Haldenstein Adler Freeman & Herz LLP

Patrick Donovan, Esq.

Gregory Stone, Director of Case and Financial Analysis

Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com

Tel: (800) 575-0735 or (212) 545-4774

Certification and Authorization Pursuant to Federal Securities Laws

  • The individual or entity listed below requests Wolf Haldenstein Adler Freeman & Herz LLP to file an action or motion for appointment as lead plaintiff and lead counsel under the federal securities laws to recover damages and to seek other relief against Origin Materials, Inc. (NASDAQ: ORGN). Wolf Haldenstein Adler Freeman & Herz LLP will not do so until you complete a retainer agreement authorizing us to prosecute the action on a contingent fee basis.

  • I, individually or on behalf of the entity I represent ("I"), hereby certify as follows:

    1. I have reviewed the complaint and authorize the filing of a lead plaintiff motion or action on my behalf.
    2. I did not acquire the security that is the subject of this action at the direction of the Firm or in order to participate in this private action or any other litigation under the federal securities laws.
    3. I am willing to serve as a representative party on behalf of a class, including providing testimony at deposition and trial, if necessary.
    4. I represent and warrant that I am fully authorized to enter into and execute this certification.
    5. I will not accept any payment for serving as a representative party on behalf of the class beyond my pro rata share of any recovery, except such reasonable costs and expenses (including lost wages) directly relating to the representation of the class as ordered or approved by the court.
    6. I have made no transaction(s) during the Class Period in the debt or equity securities that are the subject of this action except those set forth below:
  • Type of SecurityBuy Date (mm/dd/yy)# of SharesPrice per Share 
  • Type of SecuritySell Date (mm/dd/yy)# of SharesPrice per Share 
  • Signed pursuant to California Civil Code Section 1633.1, et seq. - and the Uniform Electronic Transactions Act as adopted by the various states and territories of the United States.

Date of signing: 09/27/2023