The suit alleges that throughout the Class Period, Defendants made false and/or misleading statements, and failed to disclose material facts, including that: 1) Nano Nuclear Energy, Inc.’s purported progress toward regulatory approval for the design of its planned micro reactors and fuel fabrication plant was nonexistent; 2) Nano Nuclear Energy, Inc.’s timelines for commercialization were wildly optimistic, at best, and most likely impossible; 3) the foregoing issues were likely to have a material negative impact on the Company’s projected revenues and growth; 4) as a result, the Company's financial position and/or prospects were overstated; and 5) as a result, Defendants’ public statements were materially false and misleading at all relevant times. When the truth emerged, Nano Nuclear Energy, Inc. shares fell significantly, damaging investors according to the allegations of the suit.
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