A securities class action has been filed in the USDC — S.D.N.Y. against New Fortress Energy Inc. (NFE) (“New Fortress” or the “Company”), on behalf of all persons or entities that purchased or otherwise acquired New Fortress securities between February 29, 2024 and August 8, 2024, both dates inclusive (the “Class Period”).
New Fortress is an American liquefied natural gas (LNG) company. The Company owns and operates natural gas and LNG infrastructure and an integrated fleet of ships and other logistics assets to deliver energy solutions to customers worldwide.
The complaint alleges that defendants created the false impression that they possessed reliable information pertaining to the Company’s projected revenue outlook and anticipated growth while simultaneously minimizing the risk involved in New Fortress’ plan to have its Fast Liquefied Natural Gas (“LNG”) projects fully operational and to increase business growth globally. In reality, New Fortress’ Fast LNG projects failed to fulfill the Company’s public statements that its FLNG 1 project would be in service by March 2024. Even following the announcement that these delays were costing the Company upwards of $150 million per quarter, defendants continued to tout the speed at which New Fortress was building facilities. Defendants misled investors by providing the public with materially flawed statements of confidence and growth projections that did not account for these variables. Furthermore 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.
If you purchased New Fortress securities during the class period and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information”.
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