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 NANO Nuclear Energy Inc. (“Nano” or the “Company”) (NASDAQ: NNE) securities between May 8, 2024 and July 18, 2024, inclusive (the “Class Period”). Nano investors have until October 8, 2024 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On July 19, 2024, Hunterbrook Media published a report alleging, among other things, that Nano “has no revenue, products, or patents for its core technology.” The report further specified that, as of July 2024, “the U.S. Nuclear Regulatory Commission [(“NRC”)] does not list [Nano] among the companies that have begun pre-application activities for the kind of reactor [Nano] 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, Nano’s stock price fell $3.33, or 17.3%, to close at $15.97 per share on July 22, 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) Nano’s purported progress toward regulatory approval for the design of its planned micro reactors and fuel fabrication plant was nonexistent; (2) Nano’s timelines for commercialization were wildly 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; (4) as a result, the Company's financial position and/or prospects were overstated; and (5) 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 Nano securities during the Class Period, you may move the Court no later than October 8, 2024 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Nano 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. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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