Join Class Action Against New Fortress Energy by November 18, 2024
- Levi & Korsinsky, LLP has initiated a class action lawsuit against New Fortress Energy Inc. for alleged securities fraud.
- The lawsuit claims that the company misrepresented its revenue outlook and the status of its LNG projects, leading to significant financial losses.
- Investors affected by these issues have until November 18, 2024, to participate in the lawsuit.
On October 14, 2024, Levi & Korsinsky, LLP announced a class action securities lawsuit against New Fortress Energy Inc. The lawsuit aims to recover losses for investors who were affected by alleged securities fraud occurring between February 29, 2024, and August 8, 2024. The complaint claims that the company misled investors regarding its revenue outlook and growth potential, particularly concerning its Fast Liquefied Natural Gas (LNG) projects. Despite public assurances, the company faced significant delays, notably with its FLNG 1 project, which was supposed to be operational by March 2024. These delays reportedly cost the company around $150 million per quarter, yet the defendants continued to promote the speed of their facility construction. The lawsuit highlights the discrepancies between the company's public statements and the actual performance of its projects, suggesting a pattern of misleading information provided to investors. Investors who suffered losses during this period have until November 18, 2024, to request appointment as lead plaintiff, although participation in the lawsuit does not require this role. Levi & Korsinsky has a strong track record in securities litigation, having secured substantial recoveries for shareholders over the past two decades.