NEW YORK, NY / ACCESSWIRE / September 19, 2024 / Pomerantz LLP announces that a class action lawsuit has been filed against NANO Nuclear Energy, Inc. ("NNE" or the "Company") (NASDAQ:NNE). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether NNE and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until October 8, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired NNE securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
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 "Hunterbrook Report").
The Hunterbrook Report quoted an industry expert who called NNE's timeline "frankly laughable" and a former chair of the U.S. Nuclear Regulatory Commission who said flatly that it "won't happen," citing competitors with more expertise and resources that have taken 15 to 20 years to complete similar projects. The Hunterbrook Report also revealed that NNE's executive chairman and president, Chief Executive Officer, and Chief Financial Officer work as independent contractors at the Company and continue to hold senior management positions at other penny-stock companies. Significantly, the Hunterbrok Report revealed that "[a]s of July 2024, the U.S. Nuclear Regulatory Commission does not list NNE among the companies that have begun preapplication activities for the kind of reactor NNE is pitching." The Hunterbrook Report quoted an NRC public affairs officer as saying the Advanced Reactor department is "not aware of this company" and "we have not had any pre-application dealings with them." Despite the Company's claim that approvals for a uranium fuel fabrication facility were "pretty much complete," NNE appears to have "filed no permitting or regulatory application documents with the NRC" based on a review of the agency's publicly available online records.
On this news, NNE's stock price fell $6.71 per share, or 29.59%, over the following three trading sessions, closing at $15.97 per share on July 22, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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SOURCE: Pomerantz LLP