Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Middle District of North Carolina on behalf of shareholders of NET Power Inc. who purchased shares between June 9, 2023 and March 7, 2025.
NET Power and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On March 10, 2025, pre-market, the Company announced its financial results for the fourth quarter and full fiscal year 2024, disclosing, among other things, 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, and that Project Permian would be significantly delayed, expected to come online no earlier than 2029, compared to its prior timeline of between the second half of 2027 and first half of 2028.
On this news, the price of NET Power’s shares fell $2.18 per share, or 31.46%, to close at $4.75 per share on March 10, 2025.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until June 17, 2025 to request that the court appoint them lead plaintiff.