Core 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, which has impacted the stock price significantly [1][3]. Summary by Sections Class Action Details - The lawsuit is on behalf of shareholders who purchased Metagenomi stock during the class period from February 9 to 13, 2024, coinciding with the company's IPO [2]. - Shareholders are encouraged to register for participation in the class action, with a deadline set for November 25, 2024 [4]. Allegations and Impact - Metagenomi presented itself as a "genetic medicines company" with a strategic partnership with Moderna, which was a key aspect of its business model [3]. - The company completed its IPO on February 13, 2024, selling 6.25 million shares at $15 each, but announced the termination of its collaboration with Moderna on May 1, 2024 [3]. - Following the announcement, Metagenomi's stock price fell from $7.04 on May 1, 2024, to $6.17 on May 2, 2024, indicating a significant market reaction to the news [3]. Next Steps for Shareholders - Shareholders who register will receive updates through a portfolio monitoring software regarding the case's progress [4]. - There is no cost or obligation for shareholders to participate in the class action [4]. Law Firm Background - The Gross Law Firm is recognized for its commitment to protecting investors' rights and addressing issues of deceit and fraud in business practices [5].
The Gross Law Firm Reminds Shareholders of a Lead Plaintiff Deadline of November 25, 2024 in Metagenomi, Inc. Lawsuit – MGX