New Fortress Energy(NFE) Prnewswire·2024-11-14 10:45Core Viewpoint - New Fortress Energy Inc. is facing allegations of misleading investors regarding its revenue outlook and growth projections, particularly related to its Fast Liquefied Natural Gas (LNG) projects, which have not met previously stated timelines and have incurred significant financial losses [2]. Group 1: Allegations and Financial Impact - The complaint alleges that New Fortress Energy misrepresented its ability to deliver on its Fast LNG projects, specifically failing to have the FLNG 1 project operational by March 2024 as promised [2]. - The delays in the Fast LNG projects have reportedly cost the company upwards of $150 million per quarter, yet the company continued to project confidence in its growth and operational speed [2]. - Investors were misled by materially flawed statements regarding the company's growth projections, which did not account for the risks associated with the delays [2]. Group 2: Class Action Details - The class period for the allegations spans from December 12, 2022, to August 8, 2024, with a deadline for shareholders to register for the class action set for November 18, 2024 [3]. - Shareholders who purchased shares during the specified timeframe are encouraged to register for potential lead plaintiff appointment, although this is not required to participate in any recovery [1][3]. - Once registered, shareholders will receive updates through a portfolio monitoring software regarding the status of the case [3].