A securities class action has been filed in the USDC – E.D.VA. against BigBear.ai Holdings, Inc. (BBAI) (“BigBear” or the “Company”), on behalf of all persons and entities that purchased or otherwise acquired BigBear securities between March 31, 2022, and March 25, 2025, both dates inclusive (the “Class Period.
BigBear is an artificial intelligence (“AI”)-driven technology solutions company. The Company purportedly offers national security, supply chain management, and digital identity and biometrics solutions.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:
(1) BigBear maintained deficient accounting review policies related to the reporting and disclosure of certain non-routine, unusual, or complex transactions;
(2) as a result, the Company incorrectly determined that the conversion option within the 2026 Convertible Notes qualified for the derivative scope exception under ASC 815-40 and failed to bifurcate the conversion option as required by ASC 815-15;
(3) accordingly, BigBear had improperly accounted for the 2026 Convertible Notes;
(4) the foregoing error caused BigBear to misstate various items in several of the Company’s previously issued financial statements;
(5) as a result, these financial statements were inaccurate and would likely need to be restated;
(6) BigBear would require extra time and expense to correct the inaccurate financial statements, thereby increasing the risk that the Company would be unable to timely file certain financial reports with the SEC; and
(7) as a result, the Company’s public statements were materially false and misleading at all relevant times, thereby harming investors.
If you purchased BigBear securities during the Class Period and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information”.