Pomerantz LLP said a class action lawsuit has been filed against Megan Holdings Limited, alleging securities fraud and other unlawful business practices tied to the company's IPO and subsequent trading. The complaint covers investors who purchased Megan shares pursuant to or traceable to the IPO and those who bought between September 26, 2025 and March 25, 2026, with September 8, 2026 set as the deadline to seek appointment as Lead Plaintiff. The filing alleges that, despite limited public disclosures after the IPO, Megan's share price and trading volume surged during the class period amid a coordinated effort on social media and messaging apps including WhatsApp to pump the stock, led by promoters posing as financial advisors and using aliases and false photographs. The shares then fell sharply on March 26, 2026, when Megan's market value dropped 93.4% and NASDAQ halted trading multiple times. As of the complaint's filing, the stock had not recovered and remained below $0.28 per share.