A securities class action has been filed in the USDC – M.D.NC. against NET Power Inc. (NPWR) (“Net Power” or the “Company”), on behalf of all persons and entities that purchased or otherwise acquired Net Power securities between June 9, 2023, and March 7, 2025, both dates inclusive (the “Class Period”).
Net Power’s business is centered around its so-called “Net Power Cycle” technology, which is a purported novel power generation system designed to produce reliable and affordable electricity from natural gas while capturing virtually all atmospheric emissions.
The claim arises on March 10, 2025, during pre-market hours, Net Power issued a press release announcing its fourth quarter and full year 2024 results and providing a business update.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:
(1) 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;
(2) accordingly, Defendants’ projections regarding the time and capital needed to complete Project Permian were unrealistic;
(3) 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; and
(4) as a result, Defendants’ public statements were materially false and misleading at all relevant times.
On this news, Net Power’s stock price fell $2.18 per share, or 31.46%, to close at $4.75 per share on March 10, 2025.
If you purchased Net Power 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”.