NEW YORK, NY / ACCESSWIRE / November 13, 2024 / Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against New Fortress Energy Inc. ("New Fortress" or "the Company") (NASDAQ:NFE) and certain of its officers.
Class Definition
This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired New Fortress securities between December 2, 2022, and August 8, 2024, inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: bgandg.com/NFE.
Case Details
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) 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 (2) 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 Complaint 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%.
What's Next?
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, you can visit the firm's site: bgandg.com/NFE or you may contact Peretz Bronstein, Esq. or his Client Relations Manager, Nathan Miller, of Bronstein, Gewirtz & Grossman, LLC at 332-239-2660. If you suffered a loss in New Fortress you have until November 18, 2024, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as lead plaintiff.
There is No Cost to You
We represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys' fees, usually a percentage of the total recovery, only if we are successful.
Why Bronstein, Gewirtz & Grossman
Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide.
Attorney advertising. Prior results do not guarantee similar outcomes.
Contact
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Nathan Miller
332-239-2660 | info@bgandg.com
SOURCE: Bronstein, Gewirtz & Grossman, LLC
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