New Fortress Energy Faces Class Action Suit Amid Market Setbacks
New Fortress Energy Faces Class Action Lawsuit
New Fortress Energy Inc. is facing a class action lawsuit that has been announced by The Law Offices of Frank R. Cruz. This legal action has been initiated on behalf of those who purchased or otherwise acquired shares in New Fortress during a specified timeline known as the Class Period.
Class Period and Lead Plaintiff Motion Deadline
The Class Period for this action extends from February 29, 2024, to August 8, 2024. Investors are informed that they have until November 18, 2024, to file a lead plaintiff motion if they believe they have sustained losses due to the company’s recent activities.
Recent Financial Performance and Stock Impact
On August 9, 2024, the company revealed its financial results for the second quarter of 2024. This announcement showcased adjusted EBITDA significantly below what the company had previously expected. Additionally, New Fortress lowered its guidance for the remainder of the year, citing challenges associated with their Fast LNG project.
Financial Challenges and Reasons Behind the Business Setbacks
The disappointing financial performance has been largely attributed to delays in operationalizing the FLNG 1 project. These delays have reportedly resulted in losses of approximately $150 million each quarter in operating margins. This unexpected setback has raised concerns among investors and prompted further scrutiny of the company's operations.
Investor Reactions and Class Action Suit Allegations
Following the disclosure of these financial results, New Fortress’ stock price experienced a significant drop, falling $4.02 per share, which equates to a decrease of approximately 23.6%. This sharp decline has left many investors feeling vulnerable and misled.
Claims of Misleading Statements
The allegations set forth in the class action lawsuit indicate that during the Class Period, the company and certain individuals made materially false and misleading statements. The lawsuit also claims that key adverse facts regarding the company's operations and prospects were not disclosed to investors at crucial times.
Understanding the Investigation Process
Those individuals or entities who believe they have a claim are encouraged to reach out for further investigation into the circumstances surrounding the lawsuit. This step is vital for understanding their rights and the potential routes for redress they may have.
Contact Information for Investors
For those interested in learning more about the ongoing class action suit, or if they have information to share, they are encouraged to contact Frank R. Cruz. The offices are located at 2121 Avenue of the Stars, Suite 800, Los Angeles, California. Interested parties can call 310-914-5007 or send an email to info@frankcruzlaw.com.
Frequently Asked Questions
What is the nature of the class action against New Fortress Energy?
The class action lawsuit claims that the company made misleading statements regarding its financial performance and project timelines, leading to investor losses.
When was the class action filed?
The class action lawsuit was filed following disappointing financial results announced on August 9, 2024.
What is the deadline for filing a lead plaintiff motion?
Investors have until November 18, 2024, to file a lead plaintiff motion if they believe they were adversely affected.
What caused the decline in New Fortress Energy's stock price?
The stock price decline was triggered by the company's announcement regarding a significant financial shortfall and project delays.
Where can I get more information about the lawsuit?
For more information about the lawsuit or to discuss your situation, you can contact The Law Offices of Frank R. Cruz directly.
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