Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces the Filing of a Securities Class Action on Behalf of New Fortress Energy Inc. (NFE) Investors
LOS ANGELES--(BUSINESS WIRE)--Sep 24, 2024--
Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired New Fortress Energy Inc. (“New Fortress” or the “Company”) (NASDAQ: NFE ) securities between February 29, 2024 and August 8, 2024, inclusive (the “Class Period”). New Fortress investors have until November 18, 2024 to file a lead plaintiff motion.
If you suffered a loss on your New Fortress investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/New-Fortress-Energy-Inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.
On August 9, 2024, New Fortress released its second quarter 2024 financial results, revealing adjusted EBITDA well below the Company’s prior expectations. Further, the Company lowered its guidance for the remainder of 2024, attributing disappointing results to delays in placing its FLNG 1 project into service, which cost $150 million per quarter in lost operating margin.
On this news, New Fortress’ stock price fell $4.02, or 23.6%, to close at $13.00 per share on August 9, 2024, thereby injuring investors.
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 that: (1) New Fortress’ Fast LNG projects failed to meet the Company’s publicly stated progress, specifically that its FLNG 1 would be in service by March 2024; (2) Even following the announcement that these delays were costing the Company upwards of $150 million per quarter, Defendants were still touting the speed at which New Fortress was building facilities; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired New Fortress securities during the Class Period, you may move the Court no later than November 18, 2024 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com:https://www.businesswire.com/news/home/20240924436922/en/
CONTACT: Glancy Prongay & Murray LLP, Los Angeles
Charles H. Linehan, 310-201-9150 or 888-773-9224
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
www.glancylaw.com
shareholders@glancylaw.com
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: CLASS ACTION LAWSUIT PROFESSIONAL SERVICES LEGAL
SOURCE: Glancy Prongay & Murray LLP
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