Overview

A class action lawsuit has been filed against New Fortress Energy, Inc. (“New Fortress” or the “Company”) (NASDAQ: NFE) and certain of the Company’s former senior executive officers alleging violations of the federal securities laws.  The New Fortress class action lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired New Fortress securities between February 29, 2024, and August 8, 2024, both dates inclusive (the “Class Period”).  Investors have until November 18, 2024, to seek appointment as lead plaintiff of the New Fortress class action lawsuit.

New Fortress is an American liquefied natural gas (“LNG”) company.  The Company owns and operates natural gas and LNG infrastructure and an integrated fleet of ships and other logistics assets to deliver energy solutions to customers worldwide.

The New Fortress class action lawsuit alleges that Defendants provided investors with material information concerning New Fortress’ full year 2023 fiscal results and full year 2024 outlook which was based in material part on Defendants’ Illustrative Goal to double metrics in the year 2024, complete terminals and power plants in Brazil and Puerto Rico, and execution on the Fast LNG project in Mexico.

Defendants provided these overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts related to New Fortress’ Fast LNG projects in Mexico, including the FLNG 1 project.

On August 9, 2024, the truth emerged when New Fortress published a press release announcing disappointing adjusted EBITDA second quarter 2024 highlights and lowered its guidance for the second half of 2024 accordingly.  In pertinent part, New Fortress revealed that its adjusted EBITDA in the second quarter of 2024 of $120 million was well below the Company’s expectation of $275 million.  Importantly, the Company attributed disappointing results and lowered guidance to delays in placing the Company’s FLNG 1 project into service, which cost New Fortress $150 million per quarter in lost operating margin.

Investors and analysts reacted immediately to New Fortress’ revelation.  The price of New Fortress’ common stock declined dramatically.  From a closing market price of $17.02 per share on August 8, 2024, New Fortress’ stock price fell to $13.00 per share on August 9, 2024.

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If you purchased or otherwise acquired New Fortress securities between February 29, 2024, and August 8, 2024, both dates inclusive, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at [email protected]. 

The deadline to apply to the Court to serve as a lead plaintiff in the New Fortress class action lawsuit is November 18, 2024.