Metagenomi(US:MGX) GlobeNewswire News Roomยท2024-10-18 12:36Core Viewpoint - A securities class action lawsuit has been filed against Metagenomi Inc. for allegedly misleading investors regarding its prospects and relationship with Moderna during the class period from February 6, 2024, to September 26, 2024 [1][3]. Company Overview - Metagenomi Inc. is described as a "genetic medicines company" based in Emeryville, CA, with a significant partnership with Moderna, a leading Covid-19 vaccine company [2]. - The collaboration with Moderna included a Strategic Collaboration and License Agreement established on October 29, 2021, which involved multiple four-year research programs and subsequent licensed product agreements [2]. Key Events - On May 1, 2024, Metagenomi announced the mutual termination of its collaboration agreement with Moderna, which analysts noted was critical to Metagenomi's business model [3]. - Following the announcement, Metagenomi's share price dropped from $7.04 per share to $6.17 per share within a day, continuing to decline to slightly above $2.00 per share at the time of the lawsuit filing [3]. Legal Proceedings - Investors who purchased Metagenomi securities during the class period can seek to be appointed as lead plaintiff representatives by November 25, 2024 [2][4]. - The lawsuit claims that Metagenomi and its senior executives misled investors about the company's future prospects and its relationship with Moderna [3].