Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces the Filing of a Securities Class Action on Behalf of Metagenomi, Inc. (MGX) Investors

LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Metagenomi, Inc. (“Metagenomi” or the “Company”) (NASDAQ: MGX) securities pursuant and/or traceable to the Company’s February 2024 initial public offering (the “IPO”). Metagenomi investors have until November 25, 2024 to file a lead plaintiff motion.

If you suffered a loss on your Metagenomi investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Metagenomi-Inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [e-mail] to learn more about your rights.

On February 13, 2024, Metagenomi conducted its IPO, selling approximately 6.25 million shares at $15 per share. However, on May 1, 2024, less than three months after the IPO, Metagenomi announced that it and Moderna had “mutually agreed to terminate their collaboration.”

On this news, Metagenomi’s stock price fell $0.87, or 12.4%, to close at $6.17 per share on May 2, 2024.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Metagenomi’s collaboration with Moderna would not extend into the future but instead terminate in the immediate future; and (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired Metagenomi securities pursuant and/or traceable to the IPO, you may move the Court no later than November 25, 2024 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [e-mail], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

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