New Fortress Energy(NFE) Prnewswire·2024-11-18 10:45Core Viewpoint - New Fortress Energy Inc. is facing a class action lawsuit due to allegations of misleading investors regarding its revenue outlook and growth projections, particularly related to its Fast Liquefied Natural Gas (LNG) projects [2]. Group 1: Allegations and Impact - The complaint alleges that New Fortress Energy misrepresented its ability to deliver on its Fast LNG projects, specifically failing to meet the timeline for the FLNG 1 project, which was expected to be operational by March 2024 [2]. - The company reportedly incurred losses of approximately $150 million per quarter due to delays in its LNG projects, yet continued to promote the rapid development of its facilities [2]. - Investors were misled by materially flawed statements regarding the company's growth and confidence, which did not reflect the actual risks involved [2]. Group 2: Class Action Details - The class period for the lawsuit is defined as December 12, 2022, to August 8, 2024, and shareholders are encouraged to register for participation [3]. - The deadline for shareholders to seek lead plaintiff status is November 18, 2024, and there is no cost or obligation to participate in the case [3]. - Registered shareholders will receive updates through a portfolio monitoring software throughout the lifecycle of the case [3]. Group 3: Legal Representation - The Gross Law Firm is leading the class action, emphasizing its commitment to protecting investors' rights against deceit and fraud in business practices [4]. - The firm aims to hold companies accountable for misleading statements that lead to artificial inflation of stock prices [4].