Securities Class Action Filed for New Fortress Energy Investors
Kirby McInerney LLP Files Class Action for New Fortress Energy Investors
Kirby McInerney LLP, a recognized name in the litigation space, has recently announced a class action lawsuit aimed at safeguarding the interests of investors associated with New Fortress Energy Inc. (NASDAQ: NFE). The lawsuit is being filed in the U.S. District Court, ensuring that those who invested in New Fortress from February 29 through August 8 during this significant period are represented.
Important Deadlines for Investors
All parties who purchased or otherwise acquired shares of New Fortress Energy should be aware of the critical deadline. Investors have until a specified date to apply for the role of lead plaintiff in this ongoing class action lawsuit. This is a crucial opportunity for affected investors to take an active role in the proceedings and assert their rights.
Financial Results and Impact on Share Value
On August 9, 2024, New Fortress publicized its financial results for the second quarter of that year. The outcomes were disappointing, with adjusted EBITDA significantly trailing the company's earlier forecasts. Coupled with this news, the firm announced a downward revision of its guidance for the rest of the year, primarily driven by challenges associated with the FLNG 1 project.
The repercussions for investors were immediate and pronounced. Following the announcement, shares of New Fortress Energy experienced a drop of $4.02, representing a significant decline of approximately 23.6%. This marked shift illustrates the stark market reaction to the company’s updated expectations and financial realities.
Allegations of Misrepresentation
According to the legal complaints filed, there are serious allegations surrounding New Fortress. The lawsuit claims that the company did not adequately disclose key issues affecting its Fast LNG projects. It asserts that New Fortress’ FLNG 1 project was not on the progress schedule that was publicly shared with investors. Furthermore, even as delays were indicated to be causing substantial financial losses estimated at $150 million per quarter, the company continued to reassure investors about the pace of construction.
Seeking Investor Input and Justice
Kirby McInerney LLP is encouraging investors who have relevant information or who are interested in learning more about this class action to step forward. This engagement can be through various means, including direct communication with their legal team. Investors can reach out to the firm for assistance in navigating these complex legal waters without any cost associated with initial discussions.
The Role of Kirby McInerney LLP
This New York-based law firm is renowned for its dedication to protecting the rights of shareholders. Their impressive track record includes securing billions of dollars in recoveries on behalf of investors involved in securities litigation. For anyone looking to learn more about Kirby McInerney LLP and their mission, their official website provides a wealth of resources and information.
Frequently Asked Questions
What is the class action lawsuit about?
The lawsuit is focused on allegations that New Fortress Energy failed to disclose significant delays and financial losses connected to its FLNG projects which affected stock value.
Who can participate in the class action?
Any individual or entity that purchased New Fortress Energy securities within the defined period may have the right to participate as a lead plaintiff.
What are the deadlines to know?
Investors must act quickly as specific deadlines are in place for applying to be appointed as lead plaintiff in the lawsuit.
What has led to the decline in share price?
The decline is attributed to disappointing financial results and updated guidance regarding the FLNG 1 project delays.
How does Kirby McInerney LLP support investors?
The firm provides legal advocacy for investors and aims to recover losses incurred due to misleading practices by companies.
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