Megan Holdings Limited filed a Form 6-K on October 28, 2026, disclosing two putative securities class action lawsuits filed against the company in July 2026 in federal and state courts in New York.

Key Highlights

  • Federal lawsuit filed July 7, 2026: A putative class action captioned Mundy v. Megan Holdings Limited et al., Case No. 1:26-cv-05754, was filed in the U.S. District Court for the Southern District of New York.
  • State lawsuit filed July 23, 2026: A putative class action captioned Morales et al. v. Hitek Global Inc. et al., Index No. 159271/2026, was filed in the Supreme Court of the State of New York, County of New York.
  • Claims involve alleged market manipulation: Both complaints allege, among other things, materially false or misleading statements and omissions concerning an alleged market-manipulation and fraudulent promotional scheme involving the company's securities.
  • Amended complaint deadline set: In the federal action, the court ordered lead plaintiffs to file an amended complaint by December 21, 2026; the company disclosed it intends to move to dismiss that amended complaint.
  • Company contests the claims: According to the filing, the company "believes that the claims asserted against it in the Actions are without merit and intends to defend itself vigorously."
  • No material adverse effect expected currently: The company disclosed that, based on information currently available, it "does not expect the Actions to have a material adverse effect on its business, financial condition or results of operations," while noting the actions remain at an early stage.

Two Putative Class Actions Against Megan Holdings and Named Defendants

According to the Form 6-K filed with the SEC by Megan Holdings Limited (NASDAQ:MGN) for the month of October 2026, the company faces two putative securities class action lawsuits. The first, filed on July 7, 2026 in the U.S. District Court for the Southern District of New York, names the company, certain of its officers, IPO underwriter D. Boral Capital LLC, and auditor WWC, P.C. as defendants. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, as well as Sections 11, 12(a)(2), and 15 of the Securities Act of 1933, on behalf of persons who purchased or acquired the company's securities during the alleged class period or pursuant to its IPO offering documents.

The second action, filed on July 23, 2026 in the Supreme Court of the State of New York, County of New York, names the company alongside numerous other issuer defendants, certain underwriters, and related individuals. That complaint similarly asserts claims under Sections 11, 12(a)(2), and 15 of the Securities Act of 1933, alleging that applicable registration statements and prospectuses omitted material information relating to alleged market-manipulation risks and underwriter compliance deficiencies. Both actions seek compensatory damages, rescission or rescissory damages, attorneys' fees and costs, and other relief.

The filing states there have been no substantive developments in either action other than scheduling matters. In the state court action, no schedule has been established for an amended complaint or motions to dismiss. The company disclosed it cannot predict the ultimate outcome of the actions and cautioned that "there can be no assurance that the Company will prevail or that the ultimate resolution of the Actions will not have a material adverse effect on its business, financial condition or results of operations." The filing's forward-looking statements are expressly subject to the company's cautionary language.

What Was Disclosed

Megan Holdings Limited disclosed the existence of two pending putative securities class action lawsuits filed in July 2026 in federal and state courts in New York, summarizing the claims, current procedural status, and the company's stated intention to defend vigorously.