PHILADELPHIA, Nov. 05, 2024 (GLOBE NEWSWIRE) -- Berger Montague PC advises investors that a securities class action lawsuit has been filed against Metagenomi Inc. (“Metagenomi” or the “Company”) (NASDAQ: MGX) on behalf of purchasers of Metagenomi securities between February 6, 2024 and September 26, 2024, inclusive (the “Class Period”).
Investor Deadline: Investors who purchased or acquired METAGENOMI securities during the Class Period may, no later than NOVEMBER 25, 2024, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation, please contact Berger Montague: Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015, or Peter Hamner at phamner@bm.net or (215) 875-3048, or CLICK HERE.
Metagenomi, headquartered in Emeryville, CA, describes itself as a "genetic medicines company" with a long-standing business relationship with Moderna, one of the leading Covid-19 vaccine companies. Integral to Metagenomi's collaboration with Moderna was a purported Strategic Collaboration and License Agreement on October 29, 2021, which included multiple four-year research programs and a subsequent licensed product-by-licensed product agreement.
Metagenomi completed its initial public offering on February 13, 2024, selling 6.25 million shares at $15 per share.
According to the lawsuit, Metagenomi and its senior executives misled investors regarding the Company’s prospects, including with respect to its relationship with Moderna.
On May 1, 2024 – less than three months following the IPO – Metagenomi announced that it and Moderna had "mutually agreed to terminate their collaboration" agreement. Analysts noted the timing of the announcement and that the Moderna partnership was a critical part of Metagenomi’s core thesis. Shares declined from a closing price of $7.04 per share on May 1, 2024 to a close of $6.17 per share on May 2, 2024, and have continued to decline. At the filing of the lawsuit, shares were trading slightly above $2.00 per share.
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. 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.
Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contact:
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
aabramowitz@bm.net
Peter Hamner
Berger Montague PC
(215) 875-3048
phamner@bm.net
