Wolf Haldenstein Adler Freeman & Herz LLP announces that it has filed a class action lawsuit against Megan Holdings Limited (NASDAQ: MGN)

Lead Plaintiff Deadline is September 8, 2026

NEW YORK, July 14, 2026 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP reminds investors that it has filed the first and only class action lawsuit on behalf of persons and entities that purchased or otherwise acquired Megan Holdings Limited (“Megan” or the “Company”) (NASDAQ: MGN) securities.

• between September 26, 2025 and May 25, 2026, inclusive (the "Class Period"), and/or;
• pursuant and/or traceable to the registration statement and related prospectus (collectively, the "Offering Documents") issued in connection with the Company's September 26, 2025 initial public offering ("IPO").

Investors are hereby notified that they have until September 8, 2026, to move the Court to serve as lead plaintiff in this action.

You may obtain a copy of the complaint and submit your contact information on our website. Or you may call our New York office directly: 1-212-545-4774.

The Company is a holding company incorporated in the Cayman Islands. Megan’s principal executive offices are in Kuala Lumpur, Malaysia.

The Class Period begins on September 29, 2025, when the Company filed its Initial Public Offering (“IPO”), issuing 1,250,000 shares at a price of $4.00 per share, raising $5 million.

Although subsequent public filings and news were scarce regarding the Company, even as both the stock price and trading volume surged throughout the class period, a coordinated effort was made on social media and messaging applications, such as WhatsApp, to “pump” Megan, led by stock promoters posing as financial advisors. Based on information and belief, these stock promoters used aliases and false photographs to conceal their true identities and were key cogs in the stock manipulation scheme surrounding Megan.

On March 26, 2026, the Company’s market value collapsed 93.4% to close at $0.28 per share, down from $4.24 per share at close (and $5.18 per share at intraday high) on March 25, 2026. The stock has not recovered and currently trades close to $0.10 per share.

On March 26, 2026, after the first minute of trading, NASDAQ halted trading of Megan shares. Between 9:30 AM EDT and 10:02:01 AM EDT, Megan shares would be halted five separate times, only reopening for brief windows of seconds and minutes. The Company’s stock would also be halted three additional times throughout the day at 10:29:01 AM EDT, 10:49:37 AM EDT, and 11:10:58 AM EDT.

PLEASE CLICK THIS LINK TO JOIN THE CASE AND SUBMIT YOUR TRANSACTION AND CONTACT INFORMATION

According to our filed complaint, Company failed to disclose that:

1. Megan was the subject of a market manipulation and fraudulent promotion scheme involving social-media based misinformation and impersonators posing as financial professionals;
2. The Company's public statements and risk disclosures omitted any mention of the realized risk of fraudulent trading or market manipulation being used to drive the Company's stock price;
3. MGN securities were at unique risk of a sustained trading suspension by NASDAQ and severe volatility-induced decline;
4. The sole IPO underwriter, D. Boral Capital LLC, had conducted numerous microcap IPOs that suffered similar volatility-induced collapses from manipulation;
5. The Company suffered from material weaknesses in its internal accounting and financial reporting controls; and
6. Positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Why Wolf Haldenstein Adler Freeman & Herz LLP?

This illustrious firm, founded in 1888, is steadfast in their pursuit of justice for investors who have suffered financial harm due to these misrepresented statements. The law firm brings to the fore over 125 years of legal expertise in securities litigation and has a proven track record of protecting the rights of investors.

We encourage all investors who have suffered financial loss or have information that will assist in our investigation to contact Wolf Haldenstein Adler Freeman & Herz LLP.

Contact:

• Phone: 1 (800) 575-0735 or 1 (212) 545-4774
• Email: classmember@whafh.com
• Contact Person: Gregory Stone, Director of Case and Financial Analysis
  

Case Website: Wolf Haldenstein Adler Freeman & Herz LLP

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