SAN DIEGO, April 23, 2025 (GLOBE NEWSWIRE) -- Robbins LLP reminds stockholders that a class action was filed on behalf of all persons and entities that purchased or otherwise acquired NET Power Inc. (NYSE: NPWR) securities between June 9, 2023 and March 7, 2025. NET Power is a clean energy technology company.
For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.
The Allegations: Robbins LLP is Investigating Allegations that NET Power Inc. (NPWR) Misled Investors Regarding the Time and Capital Necessary to Complete Project Permian
According to the complaint, during the class period, defendants failed to disclose that: (i) NET Power was unlikely to complete Project Permian on schedule, and the project was likely to be significantly more expensive than defendants had represented, because of, inter alia, supply chain issues and numerous site- and region-specific challenges; (ii) accordingly, defendants’ projections regarding the time and capital needed to complete Project Permian were unrealistic; and (iii) the increased time and capital needed to complete Project Permian were likely to have a significant negative impact on the Company’s business and financial results.
Plaintiff alleges that on November 14, 2023, NET Power announced its third quarter 2023 results, disclosing that “[d]ue to . . . tightness in the global supply chain, we are incorporating a 12-month cushion into our expected schedule for Project Permian” with defendants “now expecting to achieve initial power generation sometime between the second half of 2027 and first half of 2028.” On this news, NET Power's stock fell over 18%, to close at $10.85 per share on November 14, 2023.
Plaintiff further alleges that on March 10, 2025, NET Power announce its fourth quarter and full year 2024 results, disclosing that it “now estimates Project Permian’s total installed cost to be between $1.7 billion and $2.0 billion”—significantly higher than its last estimate of $1.1 billion—“which is inclusive of non-recurring first-of-a-kind, Project Permian site-specific and owner costs[,]” advising that “there are a number of site- and region-specific challenges which impact cost.” The Company further advised that Project Permian “would come online no earlier than 2029[,]” representing a significant delay from its prior timeline of sometime between the second half of 2027 and first half of 2028. In addition, Net Power reported that it ended 2024 “with $533 million in cash, cash equivalents, and investments, down from $580 million last quarter, primarily due to $13 million in operating cash outflows and $29 million in capital expenditures for La Porte upgrades and SNI development." On this news, NET Power's stock price fell over 31%, to close at $4.75 per share on March 10, 2025.
What Now: You may be eligible to participate in the class action against NET Power Inc. Shareholders who want to serve as lead plaintiff for the class must file their papers with the court by June 17, 2025. The lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002.
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| Contact: Aaron Dumas, Jr. Robbins LLP 5060 Shoreham Pl., Ste. 300 San Diego, CA 92122 adumas@robbinsllp.com (800) 350-6003 www.robbinsllp.com | https://www.facebook.com/RobbinsLLP/ https://www.linkedin.com/company/robbins-llp/ |
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