--- title: "Metagenomi's IPO class action over Moderna collaboration disclosures moves" url: "https://aibio.space/news/metagenomis-ipo-class-action-moderna-collaboration-disclosures-moves/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-08-10" section: "Legal" tickers: "NASDAQ:MGX" source: "https://www.sec.gov/Archives/edgar/data/1785279/000119312526342400/mgx-20260630.htm" summary: "Vreeland v. Metagenomi names the company, unnamed officers and directors under Section 11. The court partly denied dismissal on March 24, 2026; the S-1 sho" --- By the aibio.space news desk. Sources - [Metagenomi Therapeutics 10-Q for the quarter ended June 30, 2026 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1785279/000119312526342400/mgx-20260630.htm) - [Metagenomi, Inc. Form S-1/A filed February 7, 2024 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1785279/000119312524026662/d425213ds1a.htm) - [Metagenomi, Inc. prospectus (Form 424B4) dated February 8, 2024 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1785279/000119312524031007/d425213d424b4.htm) [MGX](https://aibio.space/companies/metagenomi-therapeutics/) 2026-08-10 # Metagenomi's IPO class action over Moderna collaboration disclosures moves into discovery Tickers [MGX](https://aibio.space/companies/metagenomi-therapeutics/) Vreeland v. Metagenomi names the company, unnamed officers and directors under Section 11. The court partly denied dismissal on March 24, 2026; the S-1 shows who signed. ## Key facts - **Company**: Metagenomi Therapeutics, Inc. (NASDAQ: MGX) - **News type**: Legal - **Primary source**: [Metagenomi Therapeutics 10-Q for the quarter ended June 30, 2026 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1785279/000119312526342400/mgx-20260630.htm) *A financial district skyline and bay. Photo: Carol M Highsmith, CC0, via rawpixel. The picture shows the field, not the companies named.* Metagenomi Therapeutics, Inc. (Nasdaq: [MGX](https://aibio.space/companies/metagenomi-therapeutics/)) is in discovery in a securities class action over the registration statement for its February 2024 initial public offering, its [10-Q filed August 10, 2026](https://www.sec.gov/Archives/edgar/data/1785279/000119312526342400/mgx-20260630.htm) says. The case, Vreeland v. Metagenomi Inc. et al., No. 5:24-cv-06765, was filed on September 26, 2024 in the U.S. District Court for the Northern District of California. A federal judge granted in part and denied in part the company's motion to dismiss on March 24, 2026. The complaint names the company, certain of its officers and certain of its current and former directors. The 10-Q does not name the individuals. The registration statement's signature page, discussed under Defendants below, shows who signed it. ## The case The operative complaint asserts violations of Section 11 of the Securities Act against all defendants and control person violations of Section 15 against the individual defendants. It alleges that the defendants made misleading statements and omitted material information about the company's collaboration with Moderna in the registration statement and final prospectus materials filed in January 2024 and February 2024. The plaintiffs seek, among other things, compensatory damages plus costs and expenses, including attorneys' fees and expert fees. The company says it intends to defend the case vigorously. The 10-Q does not give a class definition or damages figure. The prospectus dated February 8, 2024 offered 6,250,000 shares at an initial public offering price of $15.00 per share. The prospectus says there was no public market for the stock before the offering and that it was approved for listing on the Nasdaq Global Select Market under the symbol MGX. The 10-Q says the offering closed in February 2024 and brought in net proceeds of approximately $80.7 million. ## Defendants The 10-Q says the defendants are Metagenomi, certain officers and certain current and former directors, without naming them. It adds that Section 11 is pleaded against "all defendants," and Section 15 against the individuals. Metagenomi's amended registration statement on Form S-1, filed February 7, 2024, was signed by Brian C. Thomas, Ph.D., as chief executive officer, and Pamela Wapnick as chief financial officer. Directors Juergen Eckhardt, Sebastián Bernales, Risa Stack and Willard Dere signed through an attorney-in-fact, Thomas. The 10-Q does not say that any of them is a defendant. ## Where it stands The court appointed Mingxi Bi as lead plaintiff on February 10, 2025, and the lead plaintiff filed an amended complaint on April 4, 2025. All defendants moved to dismiss on May 16, 2025. On March 24, 2026 the court granted the motion in part and denied it in part, and on May 27, 2026 the defendants answered the operative complaint. The case is now in discovery. The 10-Q does not say which claims survived or which were dismissed. The company says it is "unable to predict the outcome of this lawsuit" and so cannot determine the likelihood of loss or estimate a range of possible loss. The 10-Q gives no trial date. ## Why it matters to shareholders The filing gives no estimate of exposure for the case. It describes the company's indemnification obligations in general terms: to the extent permitted under Delaware law, Metagenomi has agreed to indemnify its directors and officers for certain events while they are or were serving at its request. The company says it has not paid any claims or been required to defend any action related to those obligations, and it has recorded no related liabilities. The 10-Q does not tie that statement to the Vreeland case or to any insurance recovery. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story MGX Metagenomi Therapeutics, Inc. 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Cite as: aibio.space, "Metagenomi's IPO class action over Moderna collaboration disclosures moves", 2026-08-10, https://aibio.space/news/metagenomis-ipo-class-action-moderna-collaboration-disclosures-moves/