Gainey Mckenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Nano Nuclear Energy, Inc. (NNE)
Date
8/12/2024 2:01:36 PM
(MENAFN- GlobeNewsWire - Nasdaq) NEW YORK, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired Nano Nuclear energy Inc. (“NNE” or the“Company”) (NASDAQ: NNE) securities between May 8, 2024 and July 18, 2024, inclusive (the“Class Period”).
The Complaint alleges that Defendants failed to disclose to investors that: (a) NNE's purported progress toward regulatory approval for the design of its planned micro reactors and fuel fabrication plant was nonexistent; (b) NNE's timelines for commercialization were wildly optimistic, at best, and most likely impossible; (c) the foregoing issues were likely to have a material negative impact on the Company's projected revenues and growth; (d) as a result, the Company's financial position and/or prospects were overstated; and (e) as a result, Defendants' public statements were materially false and misleading at all relevant times.
The Complaint further alleges that on July 19, 2024, Hunterbrook Media published a report entitled“Fission Impossible: Nano Nuclear has no revenue, no Products,“Laughable” Timelines, Part-Time Executives, and a $600 Million Market Cap.” The Complaint alleges that, the Hunterbrook Report quoted industry experts who called NNE's timeline for commercialization“frankly laughable,” revealed that NNE's top management were independent contractors also working as executives of a number of other penny-stock companies, and that officials as the U.S. NRC and DOE were not aware of NNE and the Company had not begun pre-application activities for the kind of reactor NNE is pitching, and that NNE had filed no permitting or regulatory application documents with the NRC.
The Complaint also alleges that The Hunterbrook Report additionally quoted from interviews with industry experts who were deeply skeptical of NNE's claims and projected timelines for commercialization. The Complaint alleges that Allison Macfarlane, the director of the University British Columbia's School of Public Policy and Global Affairs and a prior chair of the NRC, was quoted as saying NNE's timeline“won't happen” noting that licensing alone could easily take six or seven years.
Investors who purchased or otherwise acquired shares of NNE should contact the Firm prior to the October 8, 2024 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at ... or ... .
Please visit our website at for more information about the firm.
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