(NewMediaWire) - October 24, 2024 - Kaplan Fox & Kilsheimer LLP announces that a class action lawsuit has been filed against New Fortress Energy Inc. (“New Fortress” or the “Company”) (NASDAQ: NFE) securities between February 29, 2024 and August 8, 2024 (the “Class Period”).If you are an investor in New Fortress and have suffered losses, you may CLICK HERE to contact us. You may also contact Kaplan Fox by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.
On August 9, 2024, New Fortress issued a press release announcing its financial results for the second quarter of 2024 disclosing “Adjusted EBITDA in the second quarter of $120 million, well below [its] expectation of $275 million.” The Company attributed the loss to “delays” in the launch of its FLNG (Floating Liquid Natural Gas) export facility off Mexico’s Altamira coast. Further, the press release states “the cost of delay is approximately $150 million per quarter in lost operating margin, which represents the vast majority of the Adjusted EBITDA shortfall for the quarter.” During the Company’s conference call, Chairman and CEO Wesley Edens, said “the miss was entirely a result of the delay in the deployment of our first FLNG 1 asset.”
Following this news, the price of New Fortress stock fell $4.02 per share, over 23%, to close at $13 per share on August 9, 2024.
The complaint alleges that the August 9, 2024 disclosures were in direct contrast to statements made during the Class Period that “touted the Company’s FLNG projects” and downplayed “extreme risks the Company faced with construction and commissioning delays.”
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If you have any questions about this Notice, your rights, or your interests, please contact:
CONTACT:
Pamela A. Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
lking@kaplanfox.com
