Venture Global Sued For IPO, Contract Rejection Stock Flop (1)

Venture Global Inc. overhyped its business prospects in initial public offering documents, only to have its stock stumble on a major contract loss amid legal challenges from large clients, a proposed class action said.

The liquefied natural gas exporter misrepresented customer backing to bring “LNG to the global market years faster and at a lower cost,” Gerald Bowes said in a complaint filed in the US District Court for the Southern District of New York Monday. The filings discussed the development of five projects near Louisiana’s gulf coast, including an LNG facility and pipelines connecting to interstate and intrastate systems, ...