New Fortress Energy Inc.
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at info@portnoylaw.com.
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CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
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.
