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Metagenomi.PRVT
id: 1359

Metagenomi (MGX) Collaboration Termination Case

N.D. California
Court
5:24-cv-06765
Case number
02/09/2024
Class period Start
02/13/2024
Class period End
11/25/2024
Lead Plaintiff motion deadline
  • $MGX stockholders filed a claim against Metagenomi for misrepresenting the strength and long-term viability of its collaboration with Moderna.
  • On May 1, 2024, following the news, $MGX dropped by over 12%.
  • Metagenomi investors can join this case to be notified about potential recovery.
Case Details:

On February 12, 2024, Metagenomi held its IPO, selling about 6.25 million shares for $15 each.

Then, on May 1, 2024, Metagenomi announced the termination of its partnership with Moderna, a collaboration highlighted during the February 2024 IPO as a significant factor for growth.

The termination news caused $MGX to drop over 12% immediately, with a further decline in the following weeks.

Based on these events, $MGX stockholders filed a claim against Metagenomi, accusing the company of the following:
  • The company misled investors about the long-term viability of the Moderna partnership.
  • It overstated revenue projections tied to the collaboration and failed to disclose key risks regarding the partnership.
Considering these issues, investors suspect Metagenomi hid the risks of its partnership with Moderna ending and its potential impact on future revenue and growth.
Case Status
Lead Plaintiff Submission
Alleged Offence
Misleading Statements
Financial Misrepresentation
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
05/01/2024
Filing date
09/26/2024
Lead Plaintiff Deadline
11/25/2024
Collecting participants…

Metagenomi Inc.

Metagenomi Inc. is a U.S.-based biotechnology company at the forefront of gene editing and therapeutic development. Leveraging its proprietary metagenomics platform, the company discovers novel enz...

    Ticker
    Metagenomi.PRVT
    Industry
    Biotechnology
    Country
    USA