INTRODUCTION TO THE METAGENOMI CLASS ACTION LAWSUIT
The Metagenomi class action lawsuit seeks to represent purchasers of Metagenomi Inc. (NASDAQ: MGX) stock pursuant and/or traceable to Metagenomi’s registration statement issued in connection with Metagenomi’s initial public offering (“IPO”) held between February 9 and 13, 2024. Captioned Vreeland v. Metagenomi Inc., No. 24-cv-06765 (N.D. Cal.), the Metagenomi class action lawsuit charges Metagenomi and certain of Metagenomi’s top executives and directors with violations of the Securities Act of 1933.
If you have suffered losses in Metagenomi stock and are interested in becoming the lead plaintiff in the Metagenomi class action lawsuit or have any inquiries regarding your rights as a shareholder, please reach out to Metagenomi Stock Loss Lawyer Timothy L. Miles at no cost. You can contact him by calling 855/846-6529, sending an e-mail to [email protected], or filling out a contact form. Lead plaintiff motions for the Metagenomi class action lawsuit must be filed with the court no later than November 25, 2024. LEAD PLAINTIFF APPOINTMENT IN THE Metagenomi CLASS ACTION LAWSUIT: APPROXIMATELY FOUR MONTHS AFTER INITIAL COMPLAINT FILED
When a securities class action is filed such as the Metagenomi class action lawsuit, the person who files the first complaint is required to publish a notice announcing the filing. Anyone who wants to be lead plaintiff on behalf of the class in the Metagenomi class action lawsuit must thereafter file a motion to be appointed as lead plaintiff(s) no later than 60 days after the notice was published.
At the end of the sixty days, the court can rule on the lead plaintiff’s motion just on the pleading filed with the court, or the judge may set a hearing on the motion for 30–45 days after the sixty-day expiration. If a hearing is held, the judge will issue an order afterwards appointing a lead plaintiff which could be a couple weeks to a couple months. Regardless, the PSLRA states that not later than 90 days after the initial filing and notice the court must consider the lead plaintiff’s motions and must consolidate all the related cases filed before issuing an order on the lead plaintiff. Thus, from the initial filing until a lead plaintiff is appointed, about four months have passed. FILING OF A CONSOLIDATED COMPLAINT: APPROXIMATELY SIX MONTHS AFTER INTIAL FILING
After the appointment of lead plaintiff, the court will enter a scheduling order which will include a time, usually about 60 days, for the lead plaintiff to file a consolidated complaint consolidating the allegations all complaints along with any new additional allegations.
THE DEFENDANTS MOTION TO DISMISS: DECIDED NEARLY A YEAR AFTER THE INITIAL COMPLAINT WAS FILED
In the same scheduling order, the court will also set a time for the defendants to file a motion to dismiss and schedule a briefing and possibly a hearing on the motion once the briefing is completed. The defendants may have 45 to 60 days to file the motion to dismiss and then the briefing schedule is typically around 60 days, and the court will then enter an order either granting or denying the motion to dismiss. Thus, by the time defendants’ motion to dismiss is decided nearly a year has passed since the filing of the original complaint and could be possibly longer given the court’s schedule.
COMPLETION OF DISCOVERY: TWO-AND-HALF-YEARS AFTER INITIAL FILING
If the defendant’s motion to dismiss is denied, the parties will move into the discovery phase including the exchange of documents, request for admissions, interrogatories, depositions, and third-party subpoenas, among others. The discovery phase usually takes about a year, though it can be less or more depending on the size of the case and its complexity. Thus, by the time discovery is completed approximately two-and-a-half years have passed since the initial filing, which is approximately how long it takes a securities class action to resolve.
SETTLEMENT NEGOTIATION AND MEDIATION
By now two-and-a-half to three years have passed since the initial filing of the lawsuit. However, it is at this point that nearly all securities class actions result in a settlement, but that process takes time also. Once the parties have reached an agreement, it will have to be preliminarily approved by the court with notice to shareholders with the right to object, obtain final approval of the settlement, and then the claims process begins. Usually, a third-party administrator is hired to administer the common fund. If the parties have complied with all the steps for approval, the judge will approve the distribution of the settlement fund by the claim’s administrator. You will receive a court-appointed notice and have to send in a claim form confirming your purchases and sales. This process alone can take up to a year and therefore it may be four years until the case is finally resolved.
FREQUENTLY ASKED QUESTIONS ABOUT THE Metagenomi CLASS ACTION LAWSUITCan I serve as a lead plaintiff in the class action against Metagenomi if I purchases shares outside of the class period?
No. Even if you suffered losses in Metagenomi stock, if you purchased securities outside of the Class period, you will not be able to participate in the Metagenomi class action lawsuit.
Can I serve as a lead plaintiff in the class action against Metagenomi if I am serving as lead plaintiff in another securities fraud case?
Yes, unless you have been a lead plaintiff in more than five securities class actions during any three-year period which is expressly prohibited by the securities laws. Otherwise, if you suffered losses in Metagenomi stock, you may move to be appointed lead plaintiff in the Metagenomi lawsuit.
Can the court appoint more than one lead plaintiff in the Metagenomi class action lawsuit?
Yes, at its discretion the Court may appoint a person, entity, or group of persons and/or entities as Lead Plaintiffs in the Metagenomi lawsuit.
How do I know if I am a member of the class in the class action against Metagenomi?
If you purchased shares during the class period and suffered losses in Metagenomi stock, then you are most likely a member of the class in the Metagenomi class action lawsuit and may participate in the Metagenomi lawsuit since you suffered losses in Metagenomi stock.
CONTACT Metagenomi STOCK LOSS LAWYER TODAY TIMOTHY L. MILES TODAY ABOUT A Metagenomi CLASS ACTION LAWSUIT
If you suffered losses in Metagenomi stock, contact Metagenomi stock loss lawyer Timothy L. Miles today for a free case evaluation about a Metagenomi class action lawsuit. Call today and see what a Metagenomi stock loss lawyer could do for you if you suffered losses in Metagenomi stock. This will most likely be the only call you need to make. (855) 846–6529 or [email protected].
The Law Offices of Timothy L. Miles
Tapestry at Brentwood Town Center 300 Centerview Dr., #247 Brentwood, TN 37027 Phone: (855) 846–6529 Email: [email protected] Metagenomi stock loss lawyer Timothy L. Miles Nashville attorney Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles has dedicated his career to representing shareholders, employees, and consumers in complex class-action litigation. Whether serving as lead, co-lead, or liaison counsel, Mr. Miles has helped recover hundreds of millions of dollars for defrauded investors, shaped precedent-setting decisions, and delivered real corporate governance reforms. Judges and peers have repeatedly recognized Mr. Miles’ relentless advocacy for the underdog, as well as his unbendable ethical standards. Mr. Miles was recently selected by Martindale-Hubbell® and ALM as a 2022 Top Ranked Lawyer, 2022 Top Rated Litigator. and a 2022 Elite Lawyer of the South. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association,Class Action: Class Action: Top National Trial Lawyers, National Trial Lawyers Association (2023), a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019); a Top Rated Litigator by Martindale-Hubbell® and ALM (2019-2022); America’s Most Honored Lawyers 2020 – Top 1% by America’s Most Honored (2020-2022). Mr. Miles has published over sixty articles on various issues of the law, including class actions, whistleblower cases, products liability, civil procedure, derivative actions, corporate takeover litigation, corporate formation, mass torts, dangerous drugs, and more. Please visit our website or call for free anytime. Comments are closed.
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