Investigation of New Fortress Energy Inc. Sparks Investor Concern
Investigation of New Fortress Energy Inc.
In a recent development, Glancy Prongay & Murray LLP, a leading national shareholder rights law firm, announced an investigation into New Fortress Energy Inc. This investigation is initiated on behalf of the investors of New Fortress, as the firm looks into possible violations of federal securities laws by the Company.
Understanding the Company’s Financial Challenges
New Fortress Energy, listed on NASDAQ as NFE, has recently faced significant financial hurdles. The Company disclosed its second-quarter financial results, which revealed an adjusted EBITDA that fell significantly short of prior expectations. The disappointing results were attributed to delays in their FLNG 1 project being put into service, causing an operational margin loss estimated at around $150 million per quarter.
Impact of Financial Performance on Stock Prices
This unexpected financial shortfall had an immediate effect on New Fortress’ stock price. On the day of the announcement, the stock price plummeted by $4.02, marking a 23.6% decrease and bringing the share price down to $13.00. Such a drastic decline not only reflects the market's reaction to disappointing earnings but also signifies the growing concerns among shareholders regarding the Company’s future.
What Investors Can Do
Investors who have suffered losses on their New Fortress investments are encouraged to explore their options for potential claims to recover losses under federal securities laws. It is crucial to be proactive in addressing such losses, and submitting contact information to legal firms like Glancy Prongay & Murray LLP can be a beneficial step.
Contact Information for Legal Assistance
For individuals seeking guidance, Charles H. Linehan from Glancy Prongay & Murray LLP is available for consultation. Investors can reach out at 310-201-9150 or call the toll-free number 888-773-9224 for more information about their rights regarding their investments in New Fortress Energy.
Encouragement for Whistleblowers
The firm also encourages any persons with non-public information about New Fortress to consider participating in their investigation. The SEC Whistleblower Program provides an avenue for whistleblowers to report original information and possibly receive rewards of up to 30% of any successful recovery made by the SEC. This initiative not only aids the investigation but also provides financial incentives for those willing to come forward.
About Glancy Prongay & Murray LLP
Glancy Prongay & Murray LLP is recognized for its commitment to representing investors and consumers in securities and complex class action litigation. The firm has consistently ranked highly in various industry reports, showcasing its prowess in handling securities class action cases. With nearly 40 attorneys across multiple offices, GPM has earned a solid reputation by securing substantial recoveries for investors facing corporate misconduct.
Frequently Asked Questions
What is the purpose of the investigation into New Fortress Energy?
The investigation aims to uncover any potential violations of federal securities laws regarding the Company's financial practices and disclosures.
How can investors affected by New Fortress Energy’s losses respond?
Investors can contact legal firms like Glancy Prongay & Murray LLP to explore options for recovering their losses through legal claims.
What developments led to the decrease in New Fortress Energy’s stock price?
The decline in stock price was primarily due to lower than expected financial results and a downward revision in the Company’s guidance for the remainder of the year.
What resources are available for whistleblowers relating to New Fortress?
Whistleblowers are encouraged to contact the SEC Whistleblower Program, which offers rewards for providing original information that leads to recovery.
What can investors expect from Glancy Prongay & Murray LLP?
Investors can expect comprehensive legal support and representation in securities litigation, along with resources to understand their rights and potential claims.
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