GlobeNewswire

NEW YORK, Oct. 16, 2024 (GLOBE NEWSWIRE) -- The Gross Law Firm issues the following notice to shareholders of Metagenomi, Inc. (NASDAQ: MGX).

Shareholders who purchased shares of MGX during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery.

CONTACT US HERE:

https://securitiesclasslaw.com/securities/metagenomi-loss-submission-form/?id=108485&from=3

CLASS PERIOD: This lawsuit is on behalf of all shareholders that purchased stock pursuant and/or traceable to Metagenomi’s registration statement for the initial public offering held between February 9 and 13, 2024.

ALLEGATIONS: According to the complaint, Metagenomi introduced itself to investors during its initial public offering as a “genetic medicines company” having a long-standing business relationship with Moderna, one of the leading Covid-19 vaccine companies. Integral to Metagenomi’s collaboration with Moderna was the claim that the two companies had entered into a Strategic Collaboration and License Agreement on October 29, 2021, which included multiple four-year research programs and a subsequent licensed product-by-licensed product agreement. Metagenomi completed its initial public offering on February 13, 2024, selling 6.25 million shares at $15 per share. However, less than three months later, on May 1, 2024, Metagenomi announced that it and Moderna had “mutually agreed to terminate their collaboration” agreement. An analyst reported on the announcement, noting that the news was surprising, as was its timing. The analyst also noted that the partnership Metagenomi had with Moderna was a critical part of the core thesis and that losing this partnership during this early stage in development raised more questions than answers. In response to the news, Metagenomi’s stock price declined from $7.04 per share on May 1, 2024 to $6.17 per share on May 2, 2024.

DEADLINE: November 25, 2024 Shareholders should not delay in registering for this class action. Register your information here: https://securitiesclasslaw.com/securities/metagenomi-loss-submission-form/?id=108485&from=3

NEXT STEPS FOR SHAREHOLDERS: Once you register as a shareholder who purchased shares of MGX during the timeframe listed above, you will be enrolled in a portfolio monitoring software to provide you with status updates throughout the lifecycle of the case. The deadline to seek to be a lead plaintiff is November 25, 2024. There is no cost or obligation to you to participate in this case.

WHY GROSS LAW FIRM? The Gross Law Firm is a nationally recognized class action law firm, and our mission is to protect the rights of all investors who have suffered as a result of deceit, fraud, and illegal business practices. The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a company lead to artificial inflation of the company's stock. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018
Email: dg@securitiesclasslaw.com
Phone: (646) 453-8903