According to the lawsuit, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants misled investors by failing to disclose that:
- Origin would not be able to meet its previously announced timeline for the construction of the Origin 2 plant;
- demand for paraxylene (“PX”), a product that can replace non-sustainable chemicals in existing supply chains to produce polyethylene terephthalate (“PET”), had dropped such that it would not be the production focus of Origin 2;
- Origin could not construct Origin 2 at its previously disclosed cost;
- Origin could not construct Origin 2 at the scale it had previously identified; and
- as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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