Metagenomi, Inc.
| Company Name | Metagenomi, Inc. |
| Stock Symbol | MGX |
| Class Period | February 06, 2024 to September 26, 2024 |
| Lead Plaintiff Motion Deadline | November 25, 2024 |
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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