Metagenomi(US:MGX) GlobeNewswire News Room·2024-10-02 17:02Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of Metagenomi, Inc. regarding a class action lawsuit related to the company's initial public offering and subsequent termination of its collaboration with Moderna [1][3]. Group 1: Company Overview - Metagenomi, Inc. is characterized as a "genetic medicines company" that had a significant partnership with Moderna, which was highlighted during its initial public offering [3]. - The company completed its IPO on February 13, 2024, selling 6.25 million shares at a price of $15 per share [3]. Group 2: Allegations and Impact - The lawsuit arises from allegations that Metagenomi misled investors about its collaboration with Moderna, which was a critical aspect of its business model [3]. - Following the announcement of the termination of the collaboration on May 1, 2024, Metagenomi's stock price fell from $7.04 to $6.17 within a day, indicating a significant market reaction to the news [3]. Group 3: Legal Proceedings - The class action lawsuit is on behalf of shareholders who purchased stock during the IPO period from February 9 to 13, 2024 [2]. - Shareholders are encouraged to register for the class action by November 25, 2024, to potentially become lead plaintiffs and to receive updates on the case [4].