SAN DIEGO, Sept. 18, 2024 (GLOBE NEWSWIRE) — Robbins LLP informs investors that a shareholder filed a class action on behalf of all persons and entities who purchased or otherwise acquired New Fortress Energy Inc. (NASDAQ: NFE) securities between February 29, 2024 and August 8, 2024. New Fortress is an American liquefied natural gas (LNG) company.
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 New Fortress Energy Inc. (NFE) Misled Investors Regarding its Growth Projections
According to the complaint, during the class period, defendants created the false impression that they possessed reliable information pertaining to the Company’s projected revenue outlook and anticipated growth while also minimizing risk regarding the New Fortress’ plan to have its Fast LNG projects fully operational and increase business growth globally. In reality, New Fortress’ Fast LNG projects failed to meet the Company’s publicly stated progress, specifically that its FLNG 1 would be in service by March 2024. Even following the announcement that these delays were costing the Company upwards of $150 million per quarter, defendants were still touting the speed at which New Fortress was building facilities. Defendants misled investors by providing the public with materially flawed statements of confidence and growth projections throughout the class period, which did not account for these variables.
On August 9, 2024, New Fortress announced disappointing financial results, which were “entirely the result of the delay in the deployment of our first FLNG 1 asset.” On this news, New Fortress’ common stock declined dramatically. From a closing market price of $17.02 per share on August 8, 2024, New Fortress’ stock price fell to $13.00 per share on August 9, 2024.
What Now: You may be eligible to participate in the class action against New Fortress Energy Inc. Shareholders who want to serve as lead plaintiff for the class must submit their application to the court by November 18, 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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