Metagenomi, Inc.
Case Overview
5 Days Left to Seek Lead Plaintiff
Lead Plaintiff Deadline: | Lead Plaintiff Deadline: 11/25/2024 |
Status: | Status: Investigating |
Company Name: | Company Name: Metagenomi, Inc. |
Court: | Court: Northern District of California |
Case Number: | Case Number: 5:24cv06765 |
Class Period: | Class Period: 02/09/2024 - 05/01/2024 |
Ticker: | Ticker: MGX |
Related Attorneys: | Lead Attorneys: Thomas W. Elrod |
Related Practices: | Related Practices: Securities |
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of those who acquired Metagenomi, Inc. (“Metagenomi” or the “Company”) (NASDAQ: MGX) securities during the period from February 9, 2024 through May 1, 2024, inclusive (“the Class Period”). Investors have until November 25, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On February 12, 2024, Metagenomi conducted its initial public offering (“IPO”), selling approximately 6.25 million shares at $15 per share. On May 1, 2024, less than two months after the IPO, Metagenomi announced that it and Moderna had “mutually agreed to terminate their collaboration.” On this news, the price of Metagenomi shares declined by $0.87, or 12.4%, from $7.04 per share on May 1, 2024, to close at $6.17 per share on May 2, 2024.
According to the lawsuit, Metagenomi’s statements in its IPO registration statement were false and/or materially misleading at the time of its IPO, which was conducted between February 9 and 13, 2024. Specifically, Metagenomi introduced itself to investors during its IPO as a “genetic medicines company” having a long-standing business relationship with Moderna, one of the leading Covid-19 vaccine companies. Contrary to these representations, Metagenomi’s collaboration with Moderna would not extend into the future but instead terminate in the immediate future.
On February 12, 2024, Metagenomi conducted its initial public offering (“IPO”), selling approximately 6.25 million shares at $15 per share. On May 1, 2024, less than two months after the IPO, Metagenomi announced that it and Moderna had “mutually agreed to terminate their collaboration.” On this news, the price of Metagenomi shares declined by $0.87, or 12.4%, from $7.04 per share on May 1, 2024, to close at $6.17 per share on May 2, 2024.
According to the lawsuit, Metagenomi’s statements in its IPO registration statement were false and/or materially misleading at the time of its IPO, which was conducted between February 9 and 13, 2024. Specifically, Metagenomi introduced itself to investors during its IPO as a “genetic medicines company” having a long-standing business relationship with Moderna, one of the leading Covid-19 vaccine companies. Contrary to these representations, Metagenomi’s collaboration with Moderna would not extend into the future but instead terminate in the immediate future.