A securities class action has been filed against Origin Materials, Inc. (ORGN) on behalf of investors that incurred damages on their purchases in Origin Materials, Inc. securities between February 23, 2023 through August 9, 2023. This case has been filed in the USDC – E.D.CA.
After the market closed on August 9, 2023, Origin Materials 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 paraxylene (“PX”) to furandicarboxylic acid (“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 further revealed that the construction of Origin 2 would cost more and yield less capacity than previously announced.