New Fortress Energy Inc. Class Action Lawsuit - NFE
Case Summary
Investors who suffered a loss and would like to learn more, click here to contact us.
The New Fortress class action lawsuit seeks to represent purchasers or acquirers of New Fortress Energy Inc. (NASDAQ: NFE) securities between February 29, 2024 and August 8, 2024, inclusive (the “Class Period”). Captioned Bojdol v. New Fortress Energy Inc., No. 24-cv-07032 (S.D.N.Y.), the New Fortress class action lawsuit charges New Fortress and certain of New Fortress’ top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the New Fortress class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com. Lead plaintiff motions for the New Fortress class action lawsuit must be filed with the court no later than November 18, 2024.
CASE ALLEGATIONS: New Fortress is a liquefied natural gas (“LNG”) company that owns and operates natural gas and LNG infrastructure and logistics assets.
The New Fortress class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) defendants created the false impression that they possessed reliable information pertaining to New Fortress’ projected revenue outlook and anticipated growth while also minimizing risk regarding New Fortress’ plan to have its Fast LNG (“FLNG”) projects fully operational and increase business growth globally; and (ii) New Fortress’ FLNG projects failed to meet New Fortress’ publicly stated progress, specifically that its FLNG 1 project would be in service by March 2024.
The New Fortress class action lawsuit further alleges that on August 9, 2024, New Fortress announced second quarter 2024 financial results, revealing adjusted EBITDA of $120 million, which was well below New Fortress’ expectation of $275 million. According to the complaint, New Fortress attributed disappointing results and lowered guidance to delays placing New Fortress’ FLNG 1 project into service, which cost New Fortress $150 million per quarter in lost operating margin. The New Fortress class action lawsuit alleges that on this news, the price of New Fortress stock fell more than 23%.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired New Fortress securities during the Class Period to seek appointment as lead plaintiff in the New Fortress class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the New Fortress class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the New Fortress class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the New Fortress class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities fraud cases. Our Firm has been #1 in the ISS Securities Class Action Services rankings for six out of the last ten years for securing the most monetary relief for investors. We recovered $6.6 billion for investors in securities-related class action cases – over $2.2 billion more than any other law firm in the last four years. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.