Anyone who incurred a loss as a result of this misconduct can join the suit:
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Investors in New Fortress Energy recently filed a class action lawsuit against the natural gas company after it delivered nothing but a well of empty promises.
In early twenty twenty-four, New Fortress’ executives issued a gushing annual fiscal outlook which suggested the company would double key financial metrics and close out key projects. But when investors learned these projections were just hot air, New Fortress stock plummeted twenty-three percent overnight, prompting the class action lawsuit for investors to recoup their losses.
According to that lawsuit, in February twenty twenty-four, New Fortress executives issued a press release describing the Company’s financial position. In that release, the Company suggested it was nearing completion of key projections in Brazil and Puerto Rico and was close to winning a major project in Mexico. The Company also suggested it was on track to double key financial metrics such as revenue in twenty twenty-four. Executives made these statements while concealing negative facts these projects’ viability and timetables.
But the truth emerged in later that year, when New Fortress issued a press release revealing earnings slowed to a trickle and it slashed its guidance for the second half of the year. In particular, it announced delays for the Brazil, Puetro Rico, and Mexico projects, all of which would harmed company profits.
Shares cratered overnight following this news. Shareholders who lost money on that drop are now joining the lawsuit.
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