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NFE.US
id: 1350

New Fortress Energy (NFE) Investor Lawsuit Over Misleading Case

S.D. New York
Court
1:24-cv-07032
Case number
28 Feb 2025
Class period Start
18 Nov 2024
Lead Plaintiff motion deadline
$NFE stockholders filed a claim against New Fortress Energy (NFE) for misleading project timelines and financial impact, which affected the Fast LNG 1 project and 2024 earnings targets.
  • On August 9, 2024, news about the Fast LNG 1 project delays caused $NFE to fall 23%, wiping out billions in shareholder value.
  • Affected $NFE investors may join the claim to seek potential recovery for their losses.
On August 9, 2024, New Fortress Energy released its financial results for Q2 2024.
  • The company disclosed delays in its Fast LNG 1 project, originally projected to be operational by March 2024.
New Fortress Energy also reported that the delays cost the company $150 million per quarter in lost operating margin, which exceeded expectations.
  • During the earnings call, NFE's leadership acknowledged that project delays had a significant impact on revenue and financial performance.
On this news, $NFE stock dropped 23%, falling from $17.02 to $13.00 per share on August 9, 2024.

Based on these events, $NFE stockholders filed a claim against New Fortress Energy and its leadership, accusing them of the following:
  • Overstating the progress of the Fast LNG 1 project and downplaying associated risks.
  • Providing unrealistic revenue and growth projections based on flawed information.
  • Failing to disclose significant delays that impacted the company’s financial performance.
Considering these issues, investors have reason to believe that New Fortress Energy misled them about the Fast LNG 1 project, which affected the company’s 2024 earnings targets.

One of NFE’s investors has already filed a claim against New Fortress Energy in the Southern District of New York court.
Case Status
Lead Plaintiff Submission
Alleged Offence
Mismanagement, 
Misleading Statements, 
Failure to Disclose, 
Breach of Fiduciary duty
Suspected Party
Directors, 
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
09 August 2024
Filing date
17 September 2024
Lead Plaintiff Deadline
18 November 2024
Judge
John G. Koeltl
Collecting participants…