NANO Nuclear Energy Inc.

On July 19, 2024, Hunterbrook Media published a report alleging, among other things, that Nano “has no revenue, products, or patents for its core technology.” The report further specified that, as of July 2024, “the U.S. Nuclear Regulatory Commission [(“NRC”)] does not list [Nano] among the companies that have begun pre-application activities for the kind of reactor [Nano] is pitching,” and that an NRC spokesperson stated that the Advanced Reactor department is “not aware of this company” and “have not had any pre-application dealings with them.”

On this news, Nano’s stock price fell $3.33, or 17.3%, to close at $15.97 per share on July 22, 2024, thereby injuring investors.

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) Nano’s purported progress toward regulatory approval for the design of its planned micro reactors and fuel fabrication plant was nonexistent; (2) Nano’s timelines for commercialization were wildly optimistic, at best, and most likely impossible; (3) the foregoing issues were likely to have a material negative impact on the Company’s projected revenues and growth; (4) as a result, the Company's financial position and/or prospects were overstated; and (5) 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.