SAN DIEGO, Aug. 20, 2024 (GLOBE NEWSWIRE) — Robbins LLP reminds investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Nano Nuclear Energy Inc. (NASDAQ: NNE) securities between May 8, 2024 and July 18, 2024. NNE is an “early stage nuclear energy company” in the process of “developing smaller, cheaper, and safer advanced portable clean energy solutions.”
For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.
The Allegations: Robbins LLP is Investigating Allegations that Nano Nuclear Energy Inc. (NNE) Misled Investors Regarding the Timeline for its Commercial Operations
According to the complaint, during the class period, defendants failed to disclose that: (a) NNE’s purported progress toward regulatory approval for the design of its planned micro reactors and fuel fabrication plant was nonexistent; (b) NNE’s timelines for commercialization were wildly optimistic, at best, and most likely impossible; (c) the foregoing issues were likely to have a material negative impact on the Company’s projected revenues and growth; (d) as a result, the Company’s financial position and/or prospects were overstated; and (e) as a result, defendants’ public statements were materially false and misleading at all relevant times.
Plaintiff alleges that on July 19, 2024, Hunterbrook Media published a report entitled “Fission Impossible: Nano Nuclear has no revenue, no Products, “Laughable” Timelines, Part-Time Executives, and a $600 Million Market Cap.” The report quoted an industry expert who called NNE’s timeline [to bring nuclear microreactors to market between 2030 and 2031] “frankly laughable” and a former chair of the U.S. Nuclear Regulatory Commission who said flatly it “won’t happen” citing competitors with more expertise and resources that have taken 15-20 years for similar projects. The report further noted that despite the Company’s claim that approvals for a uranium fuel fabrication facility were “pretty much complete,” NNE appears to have “filed no permitting or regulatory application documents with the NRC” based on a review of the agency’s publicly available online records. On this news, NNE’s share price fell over 10% after Hunterbrook released its report.
What Now: You may be eligible to participate in the class action against Nano Nuclear Energy Inc. Shareholders who want to serve as lead plaintiff for the class must file their papers with the court by October 8, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.
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