SAN FRANCISCO, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges NANO Nuclear Energy Inc. (NASDAQ: NNE) investors who suffered substantial losses to submit your losses now. The firm also encourages persons with knowledge who may be able to assist in the investigation to contact its attorneys.
Class Period: May 8, 2024 – July 18, 2024
Lead Plaintiff Deadline: Oct. 8, 2024
Visit: www.hbsslaw.com/investor-fraud/nne
Contact the Firm Now: NNE@hbsslaw.com
844-916-0895
NANO Nuclear Energy Inc. (NNE) Securities Class Action:
The litigation is focused on the propriety of claims made by NANO related to its attempts “to become a commercially focused, diversified, and vertically integrated company across four business lines: (i) cutting edge portable microreactor technology, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation, and (iv) nuclear industry consulting services.”
More specifically, NANO has repeatedly touted its progress towards obtaining the regulatory approvals necessary for commercialization and short timelines for commercial operations, going so far as assuring investors that “our microreactor demonstration work will be conducted between 2024 and 2026, our microreactor licensing application will be processed between 2026 and 2031, and our microreactors will be launched between 2031 and 2032.”
The complaint alleges that NANO made false and misleading statements and failed to disclose that: (1) its purported progress toward regulatory approval for the design of its planned micro reactors and fuel fabrication plant was non-existent; (2) its timelines for commercialization were wildly optimistic, at best, and most likely impossible; (3) the foregoing issues were likely to have a materially negative impact on its projected revenues and growth; and (4) as a result, its financial position and prospects were overstated.
Investors began to learn the truth on July 19, 2024, when Hunterbrook Media published its investigative report, “Fission Impossible: NANO Nuclear Has No Revenue, No Products, ‘Laughable’ Timelines, Part-Time Executives, And A $600 Million Market Cap.” Hunterbrook reported that an expert called NANO’s timeline “frankly laughable” and that the former head of the Nuclear Regulatory Commission said bringing nuclear microreactors to market between 2030 and 2031 “won’t happen.” According to Hunterbrook, the Nuclear Regulatory Commission has not even been notified of NANO’s intent to engage in regulatory interactions, seemingly at odds with the company’s claims to have had “constant communications with key U.S. government agencies.”
Since the Hunterbrook report, the price of NANO shares has collapsed.
“We’re investigating whether NANO may have misled investors about its development progress, the viability of its timeline, and its business prospects,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in NANO Nuclear Energy and have substantial losses submit your losses now »
If you’d like more information about the NANO case and our investigation, read more »
Whistleblowers: Persons with non-public information regarding NANO Nuclear Energy should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email NNE@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
