The litigation, filed by Robbins LLP, centers on the period between September 26, 2025, and March 25, 2026. Plaintiffs allege that the company and its associates failed to disclose risks related to a pump-and-dump scheme, where bad actors impersonated financial professionals to artificially inflate interest in the stock.
On March 26, 2026, the company’s market value plummeted, with the share price dropping from $4.24 to $0.28 in a single session. Beyond the manipulation claims, the lawsuit highlights concerns regarding the company's IPO, managed by underwriter DBC, and asserts that Megan Holdings lacked the necessary internal accounting controls to protect shareholder interests. Those who held shares during the specified window may be eligible to join the action.
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