NFE INVESTOR ALERT: Edelson Lechtzin LLP Urges New Fortress Energy, Inc. (NASDAQ: NFE) Shareholders With Substantial Losses to Consult Experienced Legal Counsel About the Pending Securities Fraud Class Action
NEWTOWN, PA, September 20, 2024 — Edelson Lechtzin LLP, a leading class action law firm, announces the filing of a securities fraud class action on behalf of all investors of New Fortress Energy, Inc. (NASDAQ: NFE) between February 29, 2024, and August 8, 2024, inclusive (the “Class Period”). A copy of the Complaint can be found HERE.
Investors who purchased New Fortress stock may move the U.S. District Court for the Southern District of New York to appoint them as lead plaintiff, no later than November 18, 2024. Please contact Edelson Lechtzin LLP to discuss your investment losses at 844-696-7492, or by e-mail at [email protected].
Background on New Fortress Energy, Inc.
New Fortress Energy, based in New York, operates as an integrated gas-to-power energy infrastructure company, providing global energy and development services.
The Securities Fraud Claims
Throughout the Class Period, the Complaint alleges that Defendants created the false impression that they possessed reliable information about the Company’s projected revenue outlook and anticipated growth while also downplaying the risk of New Fortress’ plan to have its Fast LNG projects fully operational and increase business growth globally. In reality, New Fortress’ Fast LNG projects failed to meet the Company’s publicly stated progress, specifically that its FLNG 1 would be in service by March 2024.
On August 9, 2024, New Fortress announced a disappointing second quarter, including adjusted EBITDA of $120 million, which was well below the expected $275 million. The results were attributed to delays in the FLNG 1 project, costing $150 million per quarter. On this news, the price of New Fortress common stock fell by over 23%.
For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: [email protected]
Email: [email protected]
Web: www.edelson-law.com
Edelson Lechtzin LLP is a leading class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.
This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. Your ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.