NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Nano Nuclear Energy Inc. (“Nano Nuclear” or the “Company”) (NASDAQ: NNE) securities during the period of May 8, 2024 through July 18, 2024, inclusive (“the Class Period”). Investors have until October 8, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
[Click here to learn more about the class action]
On July 19, 2024, Hunterbrook Media published a report alleging that Nano Nuclear “has no revenue, products, or patents for its core technology.” The report specified that, as of July 2024, “the U.S. Nuclear Regulatory Commission [(“NRC”)] does not list [Nano Nuclear] among the companies that have begun pre-application activities for the kind of reactor [Nano Nuclear] is pitching,” and that an NRC spokesperson stated that the Advanced Reactor department is “not aware of this company” and “have not had any pre-application dealings with them.” On this news, the price of Nano Nuclear shares declined by $3.33 per share, or approximately 17.3%, from $19.30 per share on July 19, 2024 to close at $15.97 on July 22, 2024.
The lawsuit alleges that throughout the Class Period, Nano Nuclear failed to disclose material facts, including that: 1) Nano Nuclear's purported progress toward regulatory approval for the design of its planned micro reactors and fuel fabrication plant was nonexistent; 2) Nano Nuclear's timelines for commercialization were optimistic, at best, and most likely impossible; 3) the foregoing issues were likely to have a material negative impact on the Company's projected revenues and growth; and 4) as a result, the Company's financial position and/or prospects were overstated.
If you purchased or otherwise acquired Nano Nuclear securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
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