SAN DIEGO, Sept. 13, 2024 (GLOBE NEWSWIRE) -- A class action lawsuit has been filed on behalf of purchasers or acquirers of NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO” or the “Company”) securities between May 8, 2024 and July 18, 2024, inclusive (the “Class Period”), charging the Company and certain senior executives with violations of the federal securities laws (collectively, “Defendants”).
NANO investors have until October 8, 2024 to seek appointment as lead plaintiff of the NANO class action lawsuit.
If you purchased NANO securities between May 8, 2024 and July 18, 2024, and suffered substantial losses, and you wish to obtain additional information or serve as lead plaintiff in this lawsuit, you may submit your information and contact us here: https://dicellolevitt.com/securities/nano/.
You can also contact DiCello Levitt attorneys Brian O’Mara or Hani Farah by calling (888) 287-9005 or at investors@dicellolevitt.com. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice.
Case Allegations
NANO is an early-stage nuclear energy company in the process of developing smaller, cheaper, and safer advanced portable clean energy solutions.
The NANO lawsuit alleges that Defendants made materially false and misleading statements concerning the Company’s purported progress toward regulatory approval for the design of its microreactors and fuel fabrication plant and timelines for commercialization of its portable nuclear energy solutions. For example, before going public, Defendants claimed that: (i) approvals for NANO’s designs for a fuel fabrication plant at the Idaho National Laboratory (“INL”) were “pretty much complete”; (ii) the INL had completed a design audit for one of NANO’s microreactors; (iii) NANO had initiated the approval process for a designated site for its fuel fabrication plant with the U.S. Department of Energy (or “DOE”); and (iv) NANO communicated with the U.S. Nuclear Regulation Commission (or “NRC”) about the status of its microreactor designs and timelines for their development.
During the Class Period, in its regulatory filings, NANO estimated that the Company would commercialize its microreactors between 2030 and 2031 – decades ahead of NANO’s competitors trying to achieve the same objective.
Unbeknownst to investors, however: (a) Nano’s purported progress toward regulatory approval for the design of its planned micro reactors and fuel fabrication plant was nonexistent; (b) Nano’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 truth emerged on July 19, 2024, when 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 report quoted an industry expert who called Nano’s timeline to bring nuclear microreactors to market between 2030 and 2031 “frankly laughable” and a former chair of the U.S. Nuclear Regulatory Commission who stated that it “won’t happen,” citing competitors with more expertise and resources that have taken 15-20 years for similar projects. The report further noted that despite the Company’s claim that approvals for a uranium fuel fabrication facility were “pretty much complete,” Nano 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.
As a result of this news, Nano’s stock price declined over 10% on July 19, 2024, and continued to decline an additional 17% on July 22, 2024.
As described the Nano lawsuit, the Company’s unpersuasive response to the Hunterbrook Report and subsequent reporting in Barron’s and elsewhere spurred further declines to Nano share price which lost more than 48% of its value between July 19, 2024 when it closed at $19.30 per share and August 1, 2024 when it closed at $9.86 per share.
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