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Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Allarity, Metagenomi, Paragon 28, and New Fortress and Encourages Investors to Contact the Firm
Globe Newswire 9-Oct-2024 9:00 PM
NEW YORK, Oct. 09, 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 Allarity Therapeutics, Inc. (NASDAQ:ALLR), 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.
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and compliance policies. Specifically, the Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) Defendants had overstated the Dovitinib NDA's continued regulatory prospects; (2) Allarity and three of its former officers had engaged in illegal, illicit, and/or otherwise improper conduct in connection with the Dovitinib NDA and/or the Dovitinib-DRP PMA; (3) the foregoing misconduct subjected the Company to an increased risk of regulatory and/or governmental scrutiny and enforcement action, as well as significant legal, monetary, and reputational harm; (4) following Allarity's announcement that it was, in fact, being investigated for wrongdoing in connection with the Dovitinib NDA and/or the Dovitinib-DRP PMA, the Company downplayed the substantial likelihood that an enforcement action would result from such investigation; and (5) as a result, the Company's public statements were materially false and misleading at all relevant times.
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.
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.
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.
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.
