| COMPANY |
New Fortress Energy Inc. |
| COURT |
United States District Court for the Southern District of New York |
| CASE NUMBER |
24-cv-07032 |
| JUDGE |
The Hon. John George Koeltl |
| CLASS PERIOD |
February 29, 2024 through August 8, 2024 |
| SECURITY TYPE |
Securities |
LEAD PLAINTIFF DEADLINE IS NOVEMBER 18, 2024.
If you have suffered losses and would like to discuss your rights, please fill out this form or you may contact Jonathan Naji, Esq. at (484) 270-1453 or via e-mail at info@ktmc.com.
Case Background:
New Fortress is an American Liquefied Natural Gas (“LNG”) company that owns and operates natural gas and LNG infrastructure and an integrated fleet of ships and other logistics assets to deliver energy solutions to customers worldwide.
On February 29, 2024, New Fortress issued a press release announcing fourth quarter and full year 2023 highlights. Among other things, New Fortress reported adjusted EBITDA of $388 million in the fourth quarter of 2023 and $1.3 billion in the full year 2023, and net income of $215 million in the fourth quarter of 2023 and $549 million in the full year 2023. Additionally, New Fortress highlighted the company’s Fast LNG (“FLNG”) project, including stating that the company’s first FLNG facility was “nearing completion” and that the second FLNG facility was “already under construction.” Furthermore, New Fortress touted FLNG’s “repeatable design & equipment” as well as calling the project “faster” and “cheaper.”
On August 9, 2024, New Fortress shocked the market when it announced second quarter 2024 financial results, revealing adjusted EBITDA of $120 million, which was well below New Fortress’ expectation of $275 million, and lowered guidance for the second half of 2024. New Fortress attributed the disappointing results and lowered guidance to delays placing New Fortress’ FLNG 1 project into service, which cost New Fortress $150 million per quarter in lost operating margin. On this news, the price of New Fortress stock fell more than 23%, from a closing price of $17.02 per share on August 8, 2024, to close at $13.00 per share on August 9, 2024.
The complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Defendants created the false impression that they possessed reliable information pertaining to New Fortress’ projected revenue outlook and anticipated growth while also minimizing risk regarding New Fortress’ plan to have its FLNG projects fully operational and increase business growth globally; and (2) New Fortress’ FLNG projects failed to meet New Fortress’ publicly stated progress, specifically that its FLNG 1 project would be in service by March 2024.
What is a Lead Plaintiff?
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.