The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Metagenomi, Inc. (MGX) Investors

LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that 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 are a shareholder who suffered a loss, click here to participate.

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 Metagenomi securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to [e-mail], or visit our website at www.frankcruzlaw.com.

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