SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in New Fortress Energy Inc. of Class Action Lawsuit and Upcoming Deadlines - NFE
NEW YORK, Nov. 10, 2024 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against New Fortress Energy Inc. ("New Fortress" or the "Company") (NASDAQ: NFE) and certain officers. The class action, filed in the United States District Court for the Southern District Of New York, and docketed under 24-cv-08356 is on behalf of all investors who purchased or otherwise acquired New Fortress securities between December 12, 2022 and August 8, 2024, inclusive (the "Class Period"), seeking to recover damages caused by Defendants' violations of the federal securities laws (the "Class").
If you are a shareholder who purchased or otherwise acquired New Fortress securities during the Class Period, you have until November 18, 2024 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Danielle Peyton at [email protected] or 646-581-9980 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
[Click here for information about joining the class action]
The Complaint alleges that Defendants provided investors with material information concerning New Fortress' full year 2023 fiscal results and full year 2024 outlook which was based in material part on Defendants' Illustrative Goal to double metrics in the year 2024, complete terminals and power plants in Brazil and Puerto Rico, and execution on the Fast LNG project in Mexico.
Defendants provided these overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts concerning New Fortress' Fast LNG projects in Mexico, including the FLNG 1 project.
On August 9, 2024, the truth emerged when New Fortress published a press release announcing disappointing adjusted EBITDA second quarter 2024 highlights and lowered its guidance for the second half of 2024 accordingly. In pertinent part, New Fortress revealed that its adjusted EBITDA in the second quarter of $120 million was well below the Company's expectation of $275 million. Importantly, the Company attributed disappointing results and lowered guidance to delays in placing the Company's FLNG 1 project into service, which cost New Fortress $150 million per quarter in lost operating margin.
Investors and analysts reacted immediately to New Fortress' revelation. The price of New Fortress' common stock declined dramatically. From a closing market price of $17.02 per share on August 8, 2024, New Fortress' stock price fell to $13.00 per share on August 9, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980
SOURCE Pomerantz LLP
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