The complaint, filed in the U.S. District Court for the Southern District of New York, targets Megan Holdings, its executives Darren Hoo and Ng Kai Tie, underwriter D. Boral Capital LLC, and auditor WWC, P.C. Investors who acquired securities between September 26, 2025, and March 25, 2026, claim the company misled the public regarding its internal controls and business health. While the firm touted its aquaculture operations, the suit asserts that the stock’s 400% surge in early 2026 was driven entirely by fraudulent online promotion rather than fundamental business growth.

Central to the litigation is the role of the underwriter, D. Boral Capital LLC, which the complaint links to a pattern of similar microcap failures. Allegations suggest that the company’s IPO prospectus failed to disclose the high risk of market manipulation, despite the underwriter's documented history with other volatility-plagued offerings. With the lead plaintiff deadline set for September 8, 2026, legal representatives are urging affected shareholders to come forward. Participation in the action requires no upfront fees, as the case proceeds on a contingency basis for those who purchased shares during the specified class period.