Investors Target Megan Holdings Over 93% Stock Collapse

The complaint alleges that Megan Holdings, a Cayman Islands entity focused on Malaysian shrimp aquaculture, became the target of a sophisticated market manipulation campaign. According to court filings, impersonators posing as financial advisors utilized social media and online forums to manufacture a buying frenzy, driving the stock price from $1.23 in late February to an intraday peak of $5.18 on March 25, 2026. The following day, the stock collapsed to $0.28, effectively wiping out nearly all shareholder equity.

Legal action, led by the firm Levi & Korsinsky under its SueWallSt brand, targets the company, CEO Darren Hoo, and CFO Ng Kai Tie, alongside IPO underwriter D. Boral Capital LLC. The lawsuit claims that the defendants failed to disclose the high risk of market manipulation and the presence of material weaknesses in internal accounting controls. The litigation also highlights a recurring pattern of volatility among microcap IPOs managed by D. Boral Capital, citing similar collapses in companies like Park Ha Biological Technology and Masonglory Limited. Investors who purchased shares between September 26, 2025, and March 25, 2026, have until September 8, 2026, to seek appointment as lead plaintiff.