Origin Materials, Inc.

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Portnoy Law Firm
Lesley F. Portnoy, Esq.,
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067

Origin Materials, founded in 2008 by students at the University of California, Davis, is a sustainable materials company that claims to have developed a way to convert biomass carbon into carbon-negative materials to replace petroleum-based substances in various products. One of these materials is chloromethylfurfural (CMF), which can be transformed into products like paraxylene (PX) and furandicarboxylic acid (FDCA). These chemicals have applications in industries such as packaging, textiles, car parts, and more.

However, on August 9, 2023, Origin Materials announced a significant delay in the construction timeline of its Origin 2 commercial plant. The company also shifted its focus from producing PX to concentrating on FDCA due to decreased demand for PX. The delay was attributed to a high-cost environment for capital projects, and the construction costs were expected to be higher with lower capacity than initially planned. As a result of this news, Origin’s stock price plummeted by 66.5% to $1.45 per share on August 10, 2023.

The complaint against the company alleges that the defendants made false or misleading statements and failed to disclose several crucial facts: (1) Origin Materials couldn’t meet its original timeline for constructing the Origin 2 plant; (2) demand for PX had decreased, causing a shift in production focus; (3) the cost of constructing Origin 2 was higher than disclosed; (4) the scale of Origin 2’s construction was different from what was initially stated; and (5) as a result of these factors, the positive statements made by defendants about the company’s business and prospects were misleading and lacked a reasonable basis.