Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Ibotta, NET Power, Zenas BioPharma, and BigBear and Encourages Investors to Contact the Firm
NEW YORK, May 14, 2025 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Ibotta, Inc. (NYSE:IBTA), NET Power, Inc. (NYSE:NPWR), Zenas BioPharma, Inc. (NASDAQ:ZBIO) and BigBear.ai Holdings, Inc. (NYSE:BBAI). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Ibotta, Inc. (NYSE:IBTA)
Class Period: In connection with Ibotta's April 18, 2024 initial public offering
Lead Plaintiff Deadline: June 16, 2025
The Complaint alleges that in connection with the Initial Public Offering on April 18, 2024, Ibotta issued a registration statement that contained false and/or misleading statements or omissions. Specifically, the Complaint alleges that: (1) The registration statement failed to warn investors of the risks concerning Ibotta's contract with The Kroger Co. ('Kroger'); (2) Kroger's contract was at-will, and Ibotta failed to warn investors that a large client could cancel their contract with Ibotta without warning. Despite providing a detailed explanation of the terms of Ibotta's contract with another large customer, there was not a single warning of the at-will nature of Kroger's contract; (3) Rather than disclosing the very real risk of a major client walking away at any time, Ibotta provided boilerplate warnings concerning the importance of maintaining ongoing relationships with their clients; (4) By August 13, 2024, Kroger was no longer listed as a client in Ibotta's SEC filings; and (5) The price of Ibotta's securities has plummeted since the IPO, devastating investors. Currently, Ibotta stock trades significantly lower than the IPO price of $88.00 per share.
For more information on the Ibotta class action go to: https://bespc.com/cases/IBTA
NET Power, Inc. (NYSE:NPWR)
Class Period: June 9, 2023 – March 7, 2025
Lead Plaintiff Deadline: June 17, 2025
Net Power is a clean energy technology company. Its 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. Net Power has a facility located in La Porte, Texas, which it uses to demonstrate the viability of the NET Power Cycle, referred to as 'La Porte' or the 'Demonstration Plant.' Net Power conducts research and equipment validation testing campaigns at the Demonstration Plant as part of its efforts to develop its first utility-scale plant, which it variably refers to as 'SN1' or 'Project Permian.' Project Permian is located at a site in the Permian Basin of West Texas. Since before the start of the Class Period, Defendants had represented that they anticipated SN1 to be operational in 2026. In 2023, Net Power's cost estimate for Project Permian was roughly $950 million, which increased to $1.1 billion in 2024. Net Power's commencement of commercial operations and, accordingly, its business and financial prospects, rely on its completion of Project Permian. As such, Defendants' projected timelines and cost estimates for Project Permian are of particular importance to investors and analysts.
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: (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; (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; and (iv) as a result, Defendants' public statements were materially false and misleading at all relevant times.
For more information on the NET Power class action go to: https://bespc.com/cases/NPWR
Zenas BioPharma, Inc. (NASDAQ:ZBIO)
Class Period: Pursuant and/or traceable to the registration statement and related prospectus issued in connection with Zenas BioPharma's September 2024 initial public offering
Lead Plaintiff Deadline: June 16, 2025
The Complaint alleges that the Registration Statement issued in connection with the Company's initial public offering (the 'IPO' or 'Offering') contained false and/or misleading statements and/or failed to disclose that: (1) Zenas BioPharma materially overstated the amount of time that it would be able to fund its operations using existing cash and expected net proceeds from the IPO; and (2) as a result, Defendants public statements were materially false and misleading at all relevant times and negligently prepared.
For more information on the Zenas BioPharma class action go to: https://bespc.com/cases/ZBIO
BigBear.ai Holdings, Inc. (NYSE:BBAI)
Class Period: March 31, 2022 – March 25, 2025
Lead Plaintiff Deadline: June 10, 2025
The lawsuit alleges that Defendants made materially false and/or misleading statements, and/or failed to disclose material adverse facts regarding BigBear.ai business, operations, and prospects, including allegations that: (i) BigBear maintained deficient accounting review policies related to the reporting and disclosure of certain non-routine, unusual, or complex transactions; (ii) 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; (iii) accordingly, BigBear had improperly accounted for the 2026 Convertible Notes; (iv) the foregoing error caused BigBear to misstate various items in several of the Company's previously issued financial statements; (v) as a result, these financial statements were inaccurate and would likely need to be restated; (vi) 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 (vii) as a result, the Company's public statements were materially false and misleading at all relevant times.
For more information on the BigBear class action go to: https://bespc.com/cases/BBAI
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com . Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.Brandon Walker, Esq. Marion Passmore, Esq.(212) 355-4648
[email protected]
www.bespc.com
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