BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Metagenomi, Inc. (“Metagenomi” or the “Company”) (NASDAQ: MGX) securities pursuant and/or traceable to the Company’s February 2024 initial public offering (the “IPO”). Metagenomi investors have until November 25, 2024 to file a lead plaintiff motion.
Investors suffering losses on their Metagenomi investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On February 13, 2024, Metagenomi conducted its IPO, selling approximately 6.25 million shares at $15 per share. However, on May 1, 2024, less than three months after the IPO, Metagenomi announced that it and Moderna had “mutually agreed to terminate their collaboration.”
On this news, Metagenomi’s stock price fell $0.87, or 12.4%, to close at $6.17 per share on May 2, 2024.
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) Metagenomi’s collaboration with Moderna would not extend into the future but instead terminate in the immediate future; and (2) 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.
If you purchased Metagenomi 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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