| COMPANY |
Venture Global, Inc. |
| COURT |
United States District Court for the Southern District of New York |
| CASE NUMBER |
1:25-cv-01364 |
| JUDGE |
The Hon. Paul Adam Engelmayer |
| CLASS PERIOD |
January 24, 2025 through February 17, 2025 |
| SECURITY TYPE |
Common Stock |
LEAD PLAINTIFF DEADLINE IS APRIL 18, 2025.
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:
A class action lawsuit has been filed on behalf of those who purchased or otherwise acquired Venture Global, Inc. (“Venture”) (NYSE: VG) common stock pursuant and/or traceable to Venture’s registration statement and prospectus (collectively, the “IPO Documents”) for its initial public offering (“IPO”) held on or about January 24, 2025.
On December 20, 2024, Venture filed a registration statement on Form S-1 with the SEC in connection with the company’s IPO. On January 24, 2025, Venture filed its final prospectus for the company’s IPO, and listed for sale 70 million shares of Venture common stock at an offering price of $25.00 per share. Venture’s final prospectus for the IPO represented the significance and benefits of Venture’s fundamental reshaping of the development and construction of liquefied natural gas (“LNG”) production and the company’s ability to deliver LNG to the world. Specifically, Venture touted its innovative approach, claiming it was both scalable and repeatable, enabling Venture to bring LNG to the global market faster and at a lower cost. Venture also highlighted in the IPO Documents the development of five natural gas liquefaction and export projects near the Gulf of Mexico in Louisiana, emphasizing their unique “design one, build many” strategy. Moreover, Venture’s IPO represented to the public that Venture had the necessary customer backing to successfully implement its projects and deliver LNG worldwide. On January 27, 2025, Venture published a Form 8-K announcing that its IPO had closed.
Contrary to Venture’s representations in the IPO Documents, Venture’s business and prospects were called into question on February 5, 2025, when one of Venture’s target customers, TotalEnergies, revealed that it had rejected a long-term supply contract for LNG from Venture, citing lack of trust. Specifically, TotalEnergies’ CEO, Patrick Pouyanne, stated that he was approached by Venture to see if the company would be interested in a long-term supply contract for LNG from the Calcasieu Pass terminal in Louisiana, but that he rejected the offer “because of what they are doing.” Related, Venture is currently facing legal challenges from existing large clients, such as BP and Shell, due to delays in supply contracts as Venture commissions its projects.
In response to this news, Venture’s stock price fell $2.20, or 11.2%, to close at $17.48 per share on February 6, 2025. On the last trading day before the complaint was filed (February 14, 2025) Venture’s stock closed at $15.96 per share, which is well below its $25.00 per-share IPO price.
The complaint alleges that, in the IPO Documents, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Venture’s ability to deliver LNG to the world and to continue development of its five natural gas liquefication and export projects depended on customer contracts; (2) Venture was facing legal challenges from existing large clients, such as BP and Shell, due to delays in supply contracts as it commissioned its projects; and (3) accordingly, Venture’s business and/or financial prospects were overstated.
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.