ATTENTION BIGBEAR.AI HOLDINGS (BBAI) SHAREHOLDERS: Securities Fraud Lawsuit Filed Against BigBear.ai Holdings
Philadelphia, Pennsylvania--(Newsfile Corp. - May 8, 2025) - Berger Montague PC advises investors that a securities class action lawsuit has been filed against BigBear.ai Holdings, Inc. ('BigBear' or the 'Company') (NYSE: BBAI) on behalf of purchasers of BigBear securities between March 31, 2022 through March 25, 2025, inclusive (the 'Class Period').
Investor Deadline: Investors who purchased or acquired BigBear securities during the Class Period may, no later than JUNE 10, 2025 , seek to be appointed as a lead plaintiff representative of the class. To learn your rights,CLICK HERE.
BigBear, headquartered in McLean, VA, is an AI-driven technology company offering national security, supply chain management, and digital identity and biometrics solutions. In June 2021, BigBear.ai Holdings entered into a business combination with GigCapital4, Inc., a special purpose acquisition company. After the business combination was consummated on December 7, 2021, BigBear issued $200 million of convertible notes with a maturity date of December 15, 2026.
On March 18, 2025, BigBear disclosed that certain financial statements since fiscal year 2021 should no longer be relied upon and would be restated, in particular with respect to the accounting treatment of the Company's 2026 Notes.
On this news, BigBear's stock price fell $0.52 per share, or 14.9%, to close at $2.97 per share on March 18, 2025.
Then, on March 25, 2025, BigBear filed its 2024 10-K, disclosing that a 'conversion option embedded within the 2026 Notes was incorrectly deemed to be eligible for a scope exception from the bifurcation requirements of ASC 815-15….' As a result, the Company's financial statements were restated. The Company further disclosed that it had identified a material weakness in its internal control over financial reporting - specifically, that BigBear had not 'consistently executed [its] technical accounting review policies' with respect to certain non-routine, unusual, or complex transactions.'
On this news, BigBear's stock price fell $0.32 per share, or 9.11%, to close at $3.19 per share on March 26, 2025.
To learn your rights or for more information,CLICK HEREor please contact Berger Montague: Andrew Abramowitz at[email protected]or (215) 875-3015, or Peter Hamner at[email protected].
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contact:
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
[email protected]
Peter Hamner
Berger Montague PC
[email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/251318
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