NEW YORK, Sept. 18, 2024 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired New Fortress Energy Inc. (“New Fortress” or the “Company”) (NASDAQ: NFE) securities between February 29, 2024 and August 8, 2024, inclusive (the “Class Period”). The lawsuit seeks to recover damages for the Company’s investors under the federal securities laws.
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) Defendants created the false impression that they possessed reliable information pertaining to New Fortress’ projected revenue outlook and anticipated growth while also minimizing risk regarding the Company’s plan to have its Fast LNG (“FLNG”) projects fully operational and increase business growth globally; and (2) the Company’s FLNG projects failed to meet its publicly stated progress, specifically that its FLNG 1 project would be in service by March 2024.
The Complaint further alleges that on August 9, 2024, the Company announced second quarter 2024 financial results, revealing adjusted EBITDA of $120 million, which was well below the Company’s expectation of $275 million. According to the Complaint, the Company attributed disappointing results and lowered guidance to delays placing the Company’s FLNG 1 project into service, which cost the Company $150 million per quarter in lost operating margin. On this news, the price of the Company stock fell more than 23%.
Investors who purchased or otherwise acquired shares of New Fortress should contact the Firm prior to the November 18, 2024 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.
