Metagenomi IPO Fallout Sparks Class Action
On February 13, 2024, Metagenomi took to the IPO stage with zeal, offering some 6.25 million shares at a promising $15 each. Yet, the party proved short-lived. A mere three months in, the dream fizzled with the sobering news that its collaboration with Moderna was a thing of the past.
Naturally, like a relentless undertow, this disclosure pulled Metagenomi stock down by $0.87 or 12.4% to settle at $6.17 per share by the time the markets closed on May 2, 2024.
According to the complaint in the ensuing class action, it is alleged that throughout the Class Period, the Defendants spun a web of deception, peddling a tale of flourishing prospects while masking the looming storm clouds. The narrative presents that the collaboration with Moderna was not a perpetual romance, destined to terminate in the near future. Consequently, the Defendants’ rosy portrait of Metagenomi’s future was a shimmering facade, bereft of any solid foundation.
If you heeded the siren song of Metagenomi securities in the IPO aftermath, there is a deadline looming large on the horizon. Investors who bought securities traceable to the IPO have until November 25, 2024 to step forward and vie for the role of lead plaintiff.
In a world where uncertainty lurks around every bend, it’s prudent to mark this date on your calendar. Remember, you need not take any immediate action to be part of the Class; you can choose to stand your ground and let the tempest rage on without intervening. However, if curiosity gets the better of you, and you seek clarity on this development, or if you harbor questions regarding the present scenario and your stake in it, Charles Linehan, Esquire, of GPM awaits your correspondence. Contact Charles at 310-201-9150 or Toll-Free at 888-773-9224. Feel free to drop a line to shareholders@glancylaw.com or pay a visit to www.glancylaw.com for further enlightenment.
As the wheel of the legal machinery sets in motion, it is essential to heed the caveat that this press release may wear the cloak of Attorney Advertising in certain jurisdictions, in accordance with local laws and ethical norms.