NEW YORK, Oct. 29, 2024 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of against AMMO, Inc. (NASDAQ: POWW), Metagenomi, Inc. (NASDAQ: MGX), Paragon 28, Inc. (NYSE: FNA), and New Fortress Energy Inc. (NASDAQ: NFE). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
AMMO, Inc. (NASDAQ: POWW)
Class Period: August 19, 2020 – September 24, 2024
Lead Plaintiff Deadline: November 29, 2024
On September 24, 2024, after the market closed, AMMO announced that its Chief Financial Officer had resigned “at the request of the Board.” Further, the Company disclosed that it is conducting an independent investigation into its “internal control over financial reporting for the fiscal years 2020 through 2023.” The Company further disclosed that it had retained a law firm to conduct an independent investigation into whether the Company and its management control persons at the time: “(i) accurately disclosed all executive officers, members of management, and potential related party transactions in fiscal years 2020 through 2023; (ii) properly characterized certain fees paid for investor relations and legal services as reductions of proceeds from capital raises rather than period expenses in fiscal years 2021 and 2022; and (iii) appropriately valued unrestricted stock awards to officers, directors, employees and others in fiscal years 2020 through 2022.”
On this news, the Company’s share price fell $0.08, or 5.26%, to close at $1.44 per share on September 25, 2024, on unusually heavy trading volume.
The complaint filed in this class action alleges that throughout the Class Period, 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 failed to disclose to investors: (1) that the company lacked adequate internal controls over financial reporting; (2) that there was a substantial likelihood the Company failed to accurately disclose all executive officers, members of management, and potential related party transactions in fiscal years 2020 through 2023; (3) that there was a substantial likelihood the Company failed to properly characterize certain fees paid for investor relations and legal services as reductions of proceeds from capital raises rather than period expenses in fiscal years 2021 and 2022; (4) there was a substantial likelihood the Company failed to appropriately value unrestricted stock awards to officers, directors, employees and others in fiscal years 2020 through 2022; and (5) that, 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.
For more information on the AMMO class action go to: https://bespc.com/cases/POWW
Metagenomi, Inc. (NASDAQ: MGX)
Class Period: Pursuant and/or traceable to Metagenomi’s registration statement for the initial public offering held between February 9, 2024, and May 1, 2024
Lead Plaintiff Deadline: November 25, 2024
The Complaint alleges 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, Metagenomi introduced itself to investors during its initial public offering as a “genetic medicines company” having a long-standing business relationship with Moderna, one of the leading Covid-19 vaccine companies and integral to Metagenomi’s collaboration with Moderna was the claim that the two companies had entered into a Strategic Collaboration and License Agreement on October 29, 2021, which included multiple four-year research programs and a subsequent licensed product-by-licensed product agreement.
For more information on the Metagenomi class action go to: https://bespc.com/cases/MGX
Paragon 28, Inc. (NYSE: FNA)
Class Period: May 5, 2023 – September 20, 2024
Lead Plaintiff Deadline: November 29, 2024
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Paragon 28’s financial statements were misstated; (2) Paragon 28 lacked adequate internal controls and at times understated the extent of the issues with its internal controls; and (3) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
For more information on the Paragon 28 class action go to: https://bespc.com/cases/FNA
New Fortress Energy Inc. (NASDAQ: NFE)
Class Period: February 29, 2024 – August 8, 2024
Lead Plaintiff Deadline: November 18, 2024
The filed complaint alleged that defendants created the false impression that they possessed reliable information pertaining to the Company’s projected revenue outlook and anticipated growth while simultaneously minimizing the risk involved in New Fortress’ plan to have its Fast Liquefied Natural Gas (“LNG”) projects fully operational and to increase business growth globally. In reality, New Fortress’ Fast LNG projects failed to fulfill the Company’s public statements that its FLNG 1 project would be in service by March 2024. Even following the announcement that these delays were costing the Company upwards of $150 million per quarter, defendants continued to tout the speed at which New Fortress was building facilities. Defendants misled investors by providing the public with materially flawed statements of confidence and growth projections that did not account for these variables.
For more information on the New Fortress class action go to: https://bespc.com/cases/NFE
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
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