10 Firms Hit Hard in Thursday’s Trading

8. New Fortress Energy Inc. (NASDAQ:NFE)

New Fortress fell for a fifth consecutive day on Thursday, dropping 9.24 percent to finish at $12.57 apiece as investor sentiment was weighed down by twin news that a shareholder law firm is investigating the company over issues about their revenue outlook, while also earning a credit rating downgrade from an investment bank.

On Thursday, law firm Johnson Fistel LLP said it launched an investigation into New Fortress Energy following a class action lawsuit over claims that it created the false impression that it possessed reliable information on its projected revenue growth outlook, while simultaneously downplaying the risks associated with its Fast Liquefied Natural Gas projects.

Meanwhile, the company earned a downgraded issuer credit rating from “B+” to “B” from S&P Global Ratings over concerns about its liquidity and high leverage.

The downgrade also reflects S&P’s outlook on the company’s financial health.