PR Newswire
NEW YORK, Nov. 14, 2024
Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $50,000 In New Fortress To Contact Him Directly To Discuss Their Options
If you suffered losses exceeding $50,000 in New Fortress between December 12, 2022 and August 8, 2024and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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NEW YORK, Nov. 14, 2024 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against New Fortress Energy Inc. ("New Fortress" or the "Company") (NASDAQ: NFE) and reminds investors of the November 18, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing 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.
On August 9, 2024, New Fortress issued a press release announcing its financial results for the second quarter of 2024 disclosing "Adjusted EBITDA in the second quarter of $120 million, well below [its] expectation of $275 million." The Company attributed the loss to "delays" in the launch of its FLNG (Floating Liquid Natural Gas) export facility off Mexico's Altamira coast. Further, the press release states "the cost of delay is approximately $150 million per quarter in lost operating margin, which represents the vast majority of the Adjusted EBITDA shortfall for the quarter." During the Company's conference call, Chairman and CEO Wesley Edens, said "the miss was entirely a result of the delay in the deployment of our first FLNG 1 asset."
Following this news, the price of New Fortress stock price fell $4.02 per share, over 23%, to close at $13.00 per share on August 9, 2024.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding New Fortress Energy's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the New Fortress Energy class action, go to www.faruqilaw.com/NFE or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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SOURCE Faruqi & Faruqi, LLP
