SAN DIEGO, Sept. 27, 2024 (GLOBE NEWSWIRE) — Robbins LLP informs investors that a shareholder filed a class action on behalf of all persons and entities who purchased stock pursuant to and/or traceable to Metagenomi Inc.’s (NASDAQ: MGX) registration statement for the initial public offering (IPO) held between February 9 and 13, 2024. Metagenomi, Inc., a genetic medicines company, develops therapeutics for patients using metagenomics-derived genome editing toolbox in the United States.
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 Metagenomi Inc. (MGX) Misled Investors Regarding its Relationship with Moderna, Inc.
According to the complaint, Metagenomi introduced itself to investors during its IPO as a “genetic medicines company” having a long-standing business relationship with Moderna. Integral to Metagenomi’s collaboration with Moderna was the claim that the two companies had entered into a Strategic Collaboration and License Agreement on October 29, 2021, which included multiple four-year research programs and a subsequent licensed product-by-licensed product agreement.
Under the terms of the collaboration, Metagenomi and Moderna planned to advance a series of in vivo gene editing therapeutics against undisclosed targets. However, less than three months after Metagenomi’s IPO, on May 1, 2024, the Company announced that it and Moderna had “mutually agreed to terminate their collaboration” agreement. In response to the news, Metagenomi’s stock price declined from $7.04 per share on May 1, 2024 to $6.17 per share on May 2, 2024.
What Now: You may be eligible to participate in the class action against Metagenomi Inc. Shareholders who want to serve as lead plaintiff for the class must submit their application to the court by November 25, 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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