Turning back the clock to February 13, 2024, a day that was supposed to mark the beginning of a promising chapter for Metagenomi, Inc., as they initiated their initial public offering (IPO) with the sale of around 6.25 million shares at $15 each. Investors were cautiously enthusiastic, expecting the fledgling company to soar to great heights.

Then came the bombshell on May 1, 2024 – a mere three months post-IPO. Metagenomi, in a startling move, announced the termination of its collaboration with the renowned Moderna. The market reacted swiftly, with Metagenomi’s stock plummeting by $0.87 to close at a dismal $6.17 per share the following day.

The Lawsuit Unveiled

In the wake of this debacle, Glancy Prongay & Murray LLP (“GPM”), a premier shareholder rights law firm, took action, filing a class action lawsuit against Metagenomi on behalf of investors who had purchased or acquired Metagenomi securities through the IPO. The lawsuit contends that the Company and its executives failed to disclose vital information about the termination of the collaboration, painting an overly optimistic picture of their prospects and misleading investors.

Unveiling the Allegations

The heart of the lawsuit alleges that throughout the IPO period, Metagenomi officials made false or misleading statements, concealing the imminent end of the collaboration with Moderna. The lawsuit asserts that this deception resulted in investors being led astray about the actual state of the Company’s business and operations, obfuscating the real risks for financial gain.

Investor’s Call to Arms

For investors who eagerly bought into Metagenomi’s IPO dream, the lawsuit offers a glimmer of hope. With a deadline looming on November 25, 2024, investors are urged to step forward and partake in the legal battle. The opportunity to seek retribution for potential losses under federal securities laws beckons to those who may have been unwittingly caught in the web of deceit spun around Metagenomi’s affairs.

The Hopes and the Harsh Realities

Metagenomi, once viewed as a rising star in the biotech sector, now finds itself embroiled in legal turmoil. The fallout from the shattered collaboration with Moderna serves as a stark reminder of the fragile nature of partnerships in the competitive landscape of the biotech industry. As investors brace for the legal battle ahead, the once-promising trajectory of Metagenomi now hangs in the balance, awaiting resolution.

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If you purchased or otherwise acquired Metagenomi securities pursuant and/or traceable to the IPO, you may move the Court no later than November 25, 2024 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

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

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