Faruqi & Faruqi cites Sept. 8 deadline in Megan Holdings securities case
A law-firm notice says the class action covers investors who bought Megan Holdings shares from Sept. 26, 2025, through March 25, 2026.
Faruqi & Faruqi says investors in Megan Holdings Limited have until Sept. 8, 2026, to seek lead-plaintiff status in a federal securities class action tied to the company’s March stock plunge.
Faruqi & Faruqi, LLP said in a Sept. 4 press release that it is investigating potential claims involving Megan Holdings Limited, which trades on Nasdaq under the symbol MGN, and is reminding investors about a Sept. 8, 2026, deadline in a federal securities class action already filed.
The notice says the proposed class covers investors who bought or acquired Megan securities from Sept. 26, 2025, through March 25, 2026, including shares purchased in the company’s initial public offering on Sept. 26, 2025. The firm said eligible investors may seek lead-plaintiff status in the case.
The law-firm release says the complaint alleges Megan and certain executives made false or misleading statements and omitted facts about an alleged market-manipulation and fraudulent promotion scheme. According to the notice, those allegations involve social-media misinformation and impersonators posing as financial professionals.
The notice also says the company failed to disclose the risk of fraudulent trading or manipulation, that its IPO underwriter DBC had handled numerous microcap offerings that later saw volatility-driven declines tied to manipulation schemes, and that Megan had material weaknesses in internal accounting and financial reporting controls. The release says those alleged omissions left statements about the company’s business, operations and prospects without a reasonable basis.
Faruqi & Faruqi said the claimed damage became clear on March 26, 2026, when the stock allegedly opened at $0.423 a share on about 6.8 million shares after an after-hours “dump,” a drop of 90% from the prior close. The notice says Nasdaq halted trading multiple times that day. It also says the stock fell $3.96, or 93.4%, to close at $0.28 on volume of 39,239,600 shares.
The press release identifies Faruqi & Faruqi as a national securities law firm founded in 1995 with offices in New York, Pennsylvania, California and Georgia. It says the firm has recovered hundreds of millions of dollars for investors.
The notice provides contact details for partner James (Josh) Wilson and directs investors to the firm’s Megan Holdings page for more information.
What happens next is set by the Sept. 8 deadline named in the notice. The law firm said investors who believe they were affected should act before that date if they want to seek lead-plaintiff status.
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Editorial note: This article was prepared with AI assistance and includes source attribution for reader review.
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