Class Action Lawsuit Against New Fortress Energy Inc.
Attention investors! A crucial deadline is approaching for those involved in the class action lawsuit against New Fortress Energy Inc. This lawsuit pertains to investors who purchased or otherwise acquired securities of New Fortress, particularly during the designated class period outlined in the complaints.
Understanding the Class Action Timeline
The deadline for filing a lead plaintiff motion is set for November 18, 2024. It is essential for investors who have experienced losses in their New Fortress securities during this period to be aware of their rights and the upcoming legal steps they can take to recover potential losses under federal securities laws.
Financial Results and Impact
On August 9, 2024, New Fortress reported its second quarter financial results, revealing significantly lower adjusted EBITDA than previously anticipated. This disappointing disclosure, linked to delays in the company's FLNG 1 project, played a role in a sharp decline of the company’s stock price, which dropped by $4.02 or 23.6%, closing at $13.00 per share the same day.
Investors' Concerns
This decline has left many investors concerned, prompting questions regarding the veracity of statements made by the company earlier in the year. Throughout the published class period, allegations have surfaced that New Fortress' management made materially false and/or misleading statements regarding the performance and forward-looking strategies of the company. These statements are under scrutiny as they appear to omit significant difficulties that the company was facing.
Failure to Disclose Material Facts
Specifically, it has been alleged that management did not adequately inform investors that the company’s Fast LNG projects were lagging behind publicly stated timelines, particularly for the FLNG 1 project expected to come online by March 2024. The failure to disclose the significant financial implications of these delays, approximating $150 million in lost operating margins quarterly, has caused considerable investor distress and loss.
Next Steps for Investors
Investors who believe they have been affected by the issues surrounding New Fortress are encouraged to come forward. Those who purchased shares during the class period may consider filing a motion to be appointed as lead plaintiffs, which could potentially influence the outcome of this class action.
Contact Information
For any questions or to find out more about the class action lawsuit, investors can reach out to Charles H. Linehan from Glancy Prongay & Murray LLP. The firm is available for inquiries via phone at 310-201-9150 or toll-free at 888-773-9224. Furthermore, communication via email can be directed to shareholders@glancylaw.com.
Frequently Asked Questions
What is the deadline to file a motion for lead plaintiff?
The deadline to file a lead plaintiff motion in the New Fortress class action lawsuit is November 18, 2024.
What are investors alleging against New Fortress?
Investors are alleging that New Fortress made false and misleading statements regarding the progress of its projects and the company's financial expectations.
Who can participate in the class action lawsuit?
Any investor who purchased or acquired New Fortress securities during the designated class period can participate in the class action lawsuit.
How can I contact the law firm handling the case?
Interested parties can contact Charles H. Linehan at Glancy Prongay & Murray LLP via phone at 310-201-9150 or email at shareholders@glancylaw.com.
What happened to New Fortress’s stock price?
On August 9, 2024, after the company announced disappointing financial results, its stock price fell by 23.6%, closing at $13.00 per share.
