The New York-based law firm Wolf Haldenstein Adler Freeman & Herz LLP filed the action on behalf of shareholders who acquired Megan stock between September 26, 2025, and May 25, 2026. The company, a Cayman Islands-incorporated entity with executive offices in Kuala Lumpur, raised $5 million during its September 2025 IPO by issuing 1.25 million shares at $4.00 each.

Legal filings allege that the stock's performance was artificially inflated through a "pump" scheme orchestrated by promoters on social media platforms like WhatsApp. These individuals reportedly utilized false identities and photographs to pose as financial advisors, misleading investors during a period of uncharacteristically high trading volume. The manipulation culminated on March 26, 2026, when the stock price plummeted from $4.24 to $0.28. NASDAQ officials halted trading eight times that morning as the valuation cratered. Investors interested in serving as lead plaintiff must contact the law firm by September 8, 2026.