Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Nov. 05, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises New Fortress Energy Inc. ("New Fortress" or the "Company") (NASDAQ: NFE) investors of a class action representing investors that bought securities between February 29, 2024 and August 8, 2024, inclusive (the "Class Period"). New Fortress investors have until November 18, 2024 to file a lead plaintiff motion.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On August 9, 2024, New Fortress announced its financial results for the second quarter of 2024, showing adjusted EBITDA significantly below expectations. The company also revised its guidance for the rest of the year, citing delays in launching its FLNG 1 project, which resulted in a $150 million loss in operating margin per quarter.
Following this announcement, New Fortress’s stock dropped by $4.02, or 23.6%, closing at $13.00 per share, impacting investors negatively.
The class action complaint claims that, during the Class Period, the Defendants made materially false and misleading statements and failed to disclose important negative information about the Company’s business and prospects. Specifically, it alleges that: (1) New Fortress’s Fast LNG projects did not progress as publicly stated, particularly the FLNG 1 project, which was expected to be operational by March 2024; (2) Despite knowing about the significant financial impact of the delays, Defendants continued to promote the rapid development of facilities; and (3) Consequently, the Defendants’ optimistic statements about the Company’s business and future were misleading and lacked a sound basis at all relevant times.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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