The complaint centers on allegations that stock promoters, posing as financial advisors on platforms like WhatsApp, used false identities and photographs to execute a pump-and-dump scheme. While Megan Holdings saw its shares surge following its September 2025 IPO—which sold 1.25 million shares at $4.00 each—the company faced minimal public scrutiny until the market turned. By March 26, 2026, the artificial momentum evaporated, and the company's market value plummeted 93.4%, dropping from a previous close of $4.24 to just $0.28 per share.
In section Releases
Class Action Filed Against Megan Holdings Following 93% Stock Collapse
Investors who purchased Megan Holdings Limited stock during the company's tumultuous period between September 2025 and March 2026 are now eligible to join a class action lawsuit. Pomerantz LLP initiated the litigation, alleging that the firm's share price was artificially inflated through a coordinated social media manipulation scheme.
The volatility was so extreme that NASDAQ halted trading of the stock eight separate times on March 26. Investors seeking to serve as Lead Plaintiff for the class must file their requests with the Court by September 8, 2026. This legal action covers those who acquired shares traceable to the IPO or purchased stock during the specified Class Period ending March 25, 2026. Interested parties are directed to contact Danielle Peyton at Pomerantz LLP to discuss their potential involvement in the litigation.
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