According to the Complaint, Metagenomi Inc. introduced itself to investors during its initial public offering in February, 2024, as a “genetic medicines company” having a long-standing business relationship with Moderna, one of the leading Covid-19 vaccine companies. Integral to Metagenomi’s collaboration with Moderna was the claim that the two companies had entered into a Strategic Collaboration and License Agreement on October 29, 2021, which included multiple four-year research programs and a subsequent licensed product-by-licensed product agreement. This class action was filed against Metagenomi and several of its Officers and Directors.

Metagenomi completed its initial public offering on February 13, 2024. Less than three months later, on May 1, 2024, Metagenomi announced that it and Moderna had "mutually agreed to terminate their collaboration" agreement.

The Complaint alleges that, during the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. The action seeks to compensate the Class members and recover the damages they sustained because of Defendants’ allegedly false and misleading statements.