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INVESTOR DEADLINE APPROACHING: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Metagenomi
MGXMetagenomi(MGX) Prnewswire·2024-10-19 15:10

Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Metagenomi, Inc. due to alleged violations of federal securities laws related to misleading statements about its collaboration with Moderna, which has led to significant investor losses [1][2]. Group 1: Legal Investigation and Class Action - Faruqi & Faruqi is encouraging investors who suffered losses exceeding 50,000inMetagenomibetweenFebruary9,2024,andSeptember26,2024,todiscusstheirlegaloptions[1].−AfederalsecuritiesclassactionhasbeenfiledagainstMetagenomi,withadeadlineofNovember25,2024,forinvestorstoseektheroleofleadplaintiff[1][4].−Thefirmhasahistoryofrecoveringhundredsofmillionsofdollarsforinvestorssinceitsfoundingin1995[1].Group2:AllegationsAgainstMetagenomi−ThecomplaintallegesthatMetagenomianditsexecutivesmadefalseandmisleadingstatementsregardingtheircollaborationwithModerna,whichwasakeyaspectoftheirbusinessmodel[2].−Metagenomi′sinitialpublicofferingtookplaceonFebruary13,2024,selling6.25millionsharesat50,000 in Metagenomi between February 9, 2024, and September 26, 2024, to discuss their legal options [1]. - A federal securities class action has been filed against Metagenomi, with a deadline of November 25, 2024, for investors to seek the role of lead plaintiff [1][4]. - The firm has a history of recovering hundreds of millions of dollars for investors since its founding in 1995 [1]. Group 2: Allegations Against Metagenomi - The complaint alleges that Metagenomi and its executives made false and misleading statements regarding their collaboration with Moderna, which was a key aspect of their business model [2]. - Metagenomi's initial public offering took place on February 13, 2024, selling 6.25 million shares at 15 per share [3]. - The collaboration with Moderna was terminated on May 1, 2024, leading to a significant drop in Metagenomi's stock price from 7.04to7.04 to 6.17 per share within a day [3]. Group 3: Investor Participation and Information - The lead plaintiff in the class action is defined as the investor with the largest financial interest who is typical of class members [4]. - Any member of the putative class can move the court to serve as lead plaintiff or remain an absent class member without affecting their ability to share in any recovery [4]. - Faruqi & Faruqi is also seeking information from whistleblowers, former employees, and shareholders regarding Metagenomi's conduct [4].