LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that 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”). New Fortress investors have until November 18, 2024 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On August 9, 2024, New Fortress released its second quarter 2024 financial results, revealing adjusted EBITDA well below the Company’s prior expectations. Further, the Company lowered its guidance for the remainder of 2024, attributing disappointing results to delays in placing its FLNG 1 project into service, which cost $150 million per quarter in lost operating margin.
On this news, New Fortress’ stock price fell $4.02, or 23.6%, to close at $13.00 per share on August 9, 2024, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) 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; (2) 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; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased New Fortress securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com.
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