NEW YORK, Feb. 19, 2025 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired Venture Global, Inc. (“Venture” or the “Company”) (NYSE: VG) securities via the initial public offering held on or about January 24, 2025 and/or thereafter and traceable thereto. The lawsuit seeks to recover damages for the Company’s investors under the federal securities laws.

The Complaint alleges that Defendants touted the Company’s innovative and disruptive approach, which they stated is both scalable and repeatable, allowing the Company to bring liquefied natural gas (LNG) to the global market years faster and at a lower cost. The Complaint alleges that Defendants further discussed the development of Venture’s five natural gas liquefaction and export projects near the Gulf of Mexico in Louisiana, utilizing their unique “design one, build many” approach. The Complaint further alleges that therefore, the initial public offering represented to the public that Venture had the customer backing to implement its projects, allowing for the Company to deliver LNG to the world.

The Complaint further alleges that contrary to these representations, Venture’s business and prospects were called into question when TotalEnergies CEO, Patrick Pouyanne, announced that he had been approached by Venture to determine if TotalEnergies would be interested in a long-term supply contract for liquefied natural gas from the Calcasieu Pass terminal in Louisiana, but had rejected the offer. The Complaint alleges that according to news reports, Mr. Pouyanne stated in pertinent part that: “I don’t want to deal with these guys, because of what they are doing...I don’t want to be in the middle of a dispute with my friends, with Shell and BP.” The Complaint further alleges that Mr. Pouyanne also cited a lack of trust with respect to Venture. The Complaint alleges that according to Mr. Pouyanne, “The price of the LNG was so low...I said to my colleague, ‘How is it possible to pay $1 less than the rest of the market? What is the trick?’”

According to the Complaint, Venture is currently facing legal challenges from existing large clients, such as BP and Shell, due to delays in fulfilling supply contracts. The Complaint further alleges that because Defendants’ ability to deliver LNG to the world and to continue development of Venture’s five natural gas liquefication and export projects depends on customer contracts, such as those mentioned above, Defendants’ failure to account for and address these trust and legal challenges caused statements in Venture’s public offering documents to be false and/or materially misleading at the time of the initial public offering.

According to the Complaint, in response to these news reports, Venture’s stock price declined from $19.68 per share on February 5, 2025 to $17.48 per share on February 6, 2025. The Complaint alleges that Venture’s stock currently trades at or around $16.00 per share, which is well below its $25.00 per-share initial public offering price.

Investors who purchased or otherwise acquired shares of Venture should contact the Firm prior to the April 18, 2025 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.

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