Pomerantz LLP said the proposed class action covers investors who bought Megan shares in or traceable to the IPO or during the Sept. 26, 2025 to March 25, 2026 class period after a 93.4% one-day collapse.
Megan Holdings Limited faces a proposed securities class action over allegations that its stock was caught up in a coordinated pump-and-dump scheme that unraveled on March 26, 2026. Pomerantz LLP said investors who bought Megan shares pursuant or traceable to the company's IPO, or between September 26, 2025 and March 25, 2026, have until September 8, 2026 to ask the court to appoint them as lead plaintiff. The complaint alleges that while public information about the company was limited after the IPO, Megan's stock price and trading volume surged during the class period as stock promoters posing as financial advisors used social media and messaging apps including WhatsApp to inflate the shares. It says the promoters used aliases and false photographs to conceal their identities as part of the alleged manipulation scheme. The case centers on Megan's sharp collapse on March 26, 2026, when the stock fell 93.4% to close at $0.28, down from a $4.24 close and a $5.18 intraday high on March 25. Nasdaq halted trading after the first minute of the session, and the shares were halted repeatedly through the morning. As of the filing of the complaint, the stock had not recovered and continued to trade below $0.28.