Levi & Korsinsky Announces the Filing of a Securities Class Action on Behalf of Metagenomi, Inc.(MGX) Shareholders

NEW YORK, Nov. 19, 2024 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in Metagenomi, Inc. ("Metagenomi" or the "Company") (NASDAQ: MGX) of a class action securities lawsuit.

CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Metagenomi investors who were adversely affected by alleged securities fraud. This lawsuit is on behalf of all shareholders that purchased stock pursuant and/or traceable to Metagenomi's registration statement for the initial public offering held between February 9 and 13, 2024. Follow the link below to get more information and be contacted by a member of our team:

https://zlk.com/pslra-1/metagenomi-lawsuit-submission-form?prid=112384&wire=4

MGX investors may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.

CASE DETAILS: According to the complaint, 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. 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. Metagenomi completed its initial public offering on February 13, 2024, selling 6.25 million shares at $15 per share. However, less than three months later, on May 1, 2024, Metagenomi announced that it and Moderna had "mutually agreed to terminate their collaboration" agreement. An analyst reported on the announcement, noting that the news was surprising, as was its timing. The analyst also noted that the partnership Metagenomi had with Moderna was a critical part of the core thesis and that losing this partnership during this early stage in development raised more questions than answers. In response to the news, Metagenomi's stock price declined from $7.04 per share on May 1, 2024 to $6.17 per share on May 2, 2024.

WHAT'S NEXT? If you suffered a loss in Metagenomi during the relevant time frame, you have until November 25, 2024 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.

NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.

WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 17th Floor
New York, NY 10004
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com

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SOURCE Levi & Korsinsky, LLP