Kirby McInerney LLP Announces the Filing of a Securities Class Action on Behalf of Metagenomi Inc. (MGX) Investors

BY Valeed Khan
October 2, 2024
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NEW YORK-The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of those who acquired Metagenomi, Inc. (“Metagenomi” or the “Company”) (NASDAQ: MGX) securities during the period from February 9, 2024 through May 1, 2024, inclusive (“the Class Period”). Investors have until November 25, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

[Click here to learn more about the class action]

On February 12, 2024, Metagenomi conducted its initial public offering (“IPO”), selling approximately 6.25 million shares at $15 per share. On May 1, 2024, less than two months after the IPO, Metagenomi announced that it and Moderna had “mutually agreed to terminate their collaboration.” On this news, the price of Metagenomi shares declined by $0.87, or 12.4%, from $7.04 per share on May 1, 2024, to close at $6.17 per share on May 2, 2024.

According to the lawsuit, Metagenomi’s statements in its IPO registration statement were false and/or materially misleading at the time of its IPO, which was conducted between February 9 and 13, 2024. Specifically, Metagenomi introduced itself to investors during its IPO as a “genetic medicines company” having a long-standing business relationship with Moderna, one of the leading Covid-19 vaccine companies. Contrary to these representations, Metagenomi’s collaboration with Moderna would not extend into the future but instead terminate in the immediate future.

If you purchased or otherwise acquired Metagenomi securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.

Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.