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 New Fortress Energy Inc. (“New Fortress” or the “Company”) (NASDAQ: NFE) securities during the period of February 29, 2024 through August 8, 2024, inclusive (“the Class Period”). Investors have until November 18, 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 August 9, 2024, New Fortress released its second quarter 2024 financial results, revealing an adjusted EBITDA well below the Company’s prior expectations. The Company lowered its guidance for the remainder of 2024, attributing disappointing results to delays in placing its FLNG 1 project into service. On this news, the price of New Fortress shares declined by $4.02, or approximately 23.6%, from $17.02 per share on August 6, 2024, to close at $13.00 per share on August 9, 2024.
The lawsuit alleges that New Fortress 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; and (2) even following the announcement that these delays were costing New Fortress upwards of $150 million per quarter, the Company was still touting the speed at which it was building facilities.
If you purchased or otherwise acquired New Fortress 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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