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Business Wire
04-08-2025
- Business
- Business Wire
Golub Capital BDC, Inc. Announces Fiscal Year 2025 Third Quarter Financial Results
NEW YORK--(BUSINESS WIRE)--Golub Capital BDC, Inc., a business development company (Nasdaq: GBDC), today announced its financial results for its third fiscal quarter ended June 30, 2025. Except where the context suggests otherwise, the terms 'we,' 'us,' 'our,' and 'Company' refer to Golub Capital BDC, Inc. and its consolidated subsidiaries. 'GC Advisors' refers to GC Advisors LLC, our investment adviser. 1 On September 16, 2019 and June 3, 2024, the Company completed its acquisition of Golub Capital Investment Corporation ('GCIC') and Golub Capital BDC 3, Inc. ('GBDC 3'), respectively. Each acquisition was accounted for under the asset acquisition method of accounting in accordance with Accounting Standards Codification 805-50, Business Combinations — Related Issues. Under asset acquisition accounting, where the consideration paid to GCIC and GBDC 3's stockholders exceeded the relative fair values of the assets acquired, the premium paid by the Company was allocated to the cost of the GCIC and GBDC 3 investments acquired by the Company pro-rata based on their relative fair value. Immediately following each acquisition, the Company recorded its assets at their respective fair values and, as a result, the purchase premium allocated to the cost basis of the assets acquired was immediately recognized as unrealized depreciation on the Company's Consolidated Statement of Operations. The purchase premium allocated to investments in loan securities acquired from GCIC and GBDC 3 will amortize over the life of the loans through interest income with a corresponding reversal of the unrealized depreciation on such loans acquired through their ultimate disposition. The purchase premium allocated to investments in equity securities will not amortize over the life of the equity securities through interest income and, assuming no subsequent change to the fair value of the GCIC and GBDC 3 equity securities acquired and disposition of such equity securities at fair value, the Company will recognize a realized loss with a corresponding reversal of the unrealized depreciation upon disposition of the GCIC and GBDC 3 equity securities acquired. As a supplement to U.S. generally accepted accounting principles ('GAAP') financial measures, the Company is providing the following non-GAAP financial measures that it believes are useful for the reasons described below: 'Adjusted Net Investment Income' and 'Adjusted Net Investment Income Per Share' – excludes the amortization of the purchase premium from net investment income calculated in accordance with GAAP. 'Adjusted Net Investment Income Before Accrual for Capital Gain Incentive Fee' – Adjusted Net Investment Income excluding the accrual or reversal for the capital gain incentive fee required under GAAP; 'Adjusted Net Realized and Unrealized Gain/(Loss)' and 'Adjusted Net Realized and Unrealized Gain/(Loss) Per Share' – excludes the unrealized loss resulting from the purchase premium write-down and the corresponding reversal of the unrealized loss from the amortization of the premium from the determination of realized and unrealized gain/(loss) in accordance with GAAP. 'Adjusted Net Income/(Loss)' and 'Adjusted Earnings/(Loss) Per Share' – calculates net income and earnings per share based on Adjusted Net Investment Income and Adjusted Net Realized and Unrealized Gain/(Loss). The Company believes that excluding the financial impact of the purchase premium write down in the above non-GAAP financial measures is useful for investors as it is a non-cash expense/loss resulting from the acquisitions of GCIC and GBDC 3 and is one method the Company uses to measure its financial condition and results of operations. In addition, the Company believes excluding the accrual of the capital gain incentive fee under GAAP is useful as a portion of such accrual is not contractually payable under the terms of the Company's investment advisory agreement with GC Advisors. Expand Third Fiscal Quarter 2025 Highlights Net investment income per share for the quarter ended June 30, 2025 was $0.38 as compared to $0.37 for the quarter ended March 31, 2025. Excluding $0.01 and $0.02 per share in purchase premium amortization from the GCIC/GBDC 3 acquisitions, for the quarters ended June 30, 2025 and March 31, 2025, respectively, and no accrual or reversal for the capital gain incentive fee under GAAP, Adjusted Net Investment Income Per Share 1 for the quarters ended June 30, 2025 and March 31, 2025 was $0.39. Net realized and unrealized gain/(loss) per share for the quarter ended June 30, 2025 was ($0.04). Adjusted Net Realized and Unrealized Gain/(Loss) Per Share 1 was ($0.05) when excluding $0.01 per share net reversal of unrealized depreciation and realized loss resulting from the amortization of the purchase premium. The Adjusted Net Realized and Unrealized Gain/(Loss) Per Share 1 for the quarter ended June 30, 2025 was primarily due to unrealized depreciation resulting from the underperformance of certain portfolio companies that was partially offset by (i) net realized gains recognized on the disposition of equity investments and (ii) net realized and unrealized gains recognized on the translation of foreign currency transactions. For additional analysis, please refer to the Quarter Ended 06.30.2025 Earnings Presentation available on the Investor Resources link on the homepage of the Company's website ( under Events/Presentations. The Earnings Presentation was also filed with the Securities and Exchange Commission as an Exhibit to a Form 8-K. These results compare to net realized and unrealized gain/(loss) per share of ($0.07) during the quarter ended March 31, 2025. Adjusted Net Realized and Unrealized Gain/(Loss) Per Share 1 for the quarter ended March 31, 2025 was ($0.09) when excluding $0.02 per share net reversal of unrealized depreciation and realized loss resulting from the amortization of the purchase premium. Earnings per share for the quarter ended June 30, 2025 was $0.34 as compared to $0.30 for the quarter ended March 31, 2025. Adjusted Earnings Per Share 1 for the quarter ended June 30, 2025 was $0.34 as compared to $0.30 for the quarter ended March 31, 2025. Net asset value ('NAV') per share decreased to $15.00 at June 30, 2025 from $15.04 at March 31, 2025. On June 27, 2025 we paid a quarterly distribution of $0.39 per share. On August 1, 2025, our board of directors declared a quarterly distribution of $0.39 per share, which is payable on September 29, 2025, to stockholders of record as of September 15, 2025. Accretive capital management in response to market volatility through repurchasing approximately 2.4 million shares of our common stock for an aggregate purchase price of approximately $34.3 million, at an aggregate price of $13.99 per share, during the three months ended June 30, 2025. During the nine months ended June 30, 2025, we repurchased approximately $35.5 million, or 2.5 million shares, of our common stock pursuant to the Company's previously disclosed share repurchase program. During the three months ended June 30, 2025, the Golub Capital Employee Grant Program Rabbi Trust (the 'Trust') purchased approximately $12.4 million, or 858,467 shares, of our common stock for the purpose of awarding incentive compensation to employees of Golub Capital. Through the first two calendar quarters of 2025, the Trust purchased $25.4 million, or 1,691,288 shares, of our common stock. Portfolio and Investment Activities As of June 30, 2025, the Company had investments in 401 portfolio companies with a total fair value of $8,961.5 million. This compares to the Company's portfolio as of March 31, 2025, as of which date the Company had investments in 393 portfolio companies with a total fair value of $8,621.2 million. Investments in portfolio companies as of June 30, 2025 and March 31, 2025 consisted of the following: The following table shows the asset mix of our new investment commitments for the three months ended June 30, 2025: Total investments in portfolio companies at fair value were $8,961.5 million at June 30, 2025. As of June 30, 2025, total assets were $9,236.5 million, net assets were $3,995.3 million and net asset value per share was $15.00. Consolidated Results of Operations For the third fiscal quarter of 2025, the Company reported GAAP net income of $90.1 million or $0.34 per share and Adjusted Net Income 2 of $90.1 million or $0.34 per share. GAAP net investment income was $101.3 million or $0.38 per share and Adjusted Net Investment Income 1 was $104.9 million or $0.39 per share. GAAP net realized and unrealized gain/(loss) was ($11.4) million or ($0.04) per share and Adjusted Realized and Unrealized Gain/(Loss) 1 was ($15.0) million or ($0.05) per share. Net income can vary substantially from period to period due to various factors, including the level of new investment commitments, the recognition of realized gains and losses and unrealized appreciation and depreciation. As a result, quarterly comparisons of net income may not be meaningful. Liquidity and Capital Resources The Company's liquidity and capital resources are derived from the Company's debt securitizations (also known as collateralized loan obligations, or CLOs), unsecured notes, revolving credit facilities and cash flow from operations. The Company's primary uses of funds from operations include investments in portfolio companies and payment of fees and other expenses that the Company incurs. The Company has used, and expects to continue to use, its debt securitizations, unsecured notes, revolving credit facilities, proceeds from its investment portfolio and proceeds from offerings of its securities and its dividend reinvestment plan to finance its investment objectives. As of June 30, 2025, we had cash, cash equivalents and foreign currencies of $99.8 million, restricted cash and cash equivalents and restricted foreign currencies of $79.0 million, which included $4.0 million of restricted cash retained for partial repayments on the notes of certain of our debt securitizations that are past their reinvestment period term, and $5,154.0 million of debt outstanding. As of June 30, 2025, subject to leverage and borrowing base restrictions, we had approximately $547.3 million of remaining availability, in the aggregate, on our revolving credit facility with JPMorgan. In addition, as of June 30, 2025, we had $300.0 million of remaining commitments and availability on our unsecured line of credit with GC Advisors. On April 4, 2025, we amended our revolving credit facility with JPMorgan to, among other things, (i) change the applicable margin to a range of 1.525% to 1.775%, (ii) reduce the unused fee rate on all unused commitments to 0.325% from 0.375%, (iii) extend the maturity date to April 4, 2030 from August 6, 2029 and (iv) amend the accordion provision to permit increases to the total commitments to up to $3.0 billion. On June 13, 2025, we amended our revolving credit facility with GC Advisors to, among other things, (i) increase the borrowing capacity from $200.0 million to $300.0 million, (ii) change the rate that interest accrues on each loan from the short-term applicable federal rate to the mid-term applicable federal rate and (iii) extend the maturity date to June 13, 2032. On August 1, 2025, GBDC redeemed its GBDC 3 2022 Debt Securitization. The Company's GAAP leverage ratio increased to 1.30x as of June 30, 2025 and our GAAP debt-to-equity ratio, net 3 increased to 1.26x as of June 30, 2025 (1.21x, on average, throughout the quarter ended June 30, 2025). Portfolio and Asset Quality GC Advisors regularly assesses the risk profile of each of the Company's investments and rates each of them based on an internal system developed by Golub Capital and its affiliates. This system is not generally accepted in our industry or used by our competitors. It is based on the following categories, which we refer to as GC Advisors' internal performance ratings: Internal Performance Ratings Rating Definition 5 Involves the least amount of risk in our portfolio. The borrower is performing above expectations, and the trends and risk factors are generally favorable. 4 Involves an acceptable level of risk that is similar to the risk at the time of origination. The borrower is generally performing as expected, and the risk factors are neutral to favorable. 3 Involves a borrower performing below expectations and indicates that the loan's risk has increased somewhat since origination. The borrower could be out of compliance with debt covenants; however, loan payments are generally not past due. 2 Involves a borrower performing materially below expectations and indicates that the loan's risk has increased materially since origination. In addition to the borrower being generally out of compliance with debt covenants, loan payments could be past due (but generally not more than 180 days past due). 1 Involves a borrower performing substantially below expectations and indicates that the loan's risk has substantially increased since origination. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Loans rated 1 are not anticipated to be repaid in full and we will reduce the fair market value of the loan to the amount we anticipate will be recovered. Expand Our internal performance ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or represent or reflect any third-party assessment of any of our investments. For additional analysis on the Company's internal performance ratings as of June 30, 2025, please refer to the Quarter Ended 06.30.2025 Earnings Presentation available on Investors Resources link on the homepage of the Company's website ( under Events/Presentations. The following table shows the distribution of the Company's investments on the 1 to 5 internal performance rating scale at fair value as of June 30, 2025 and March 31, 2025: June 30, 2025 March 31, 2025 Internal Investments Percentage of Investments Percentage of Performance at Fair Value Total at Fair Value Total Rating (In thousands) Investments (In thousands) Investments 5 $ 263,250 2.9 % $ 121,114 1.4 % 4 7,774,149 86.8 7,609,108 88.3 3 810,015 9.0 769,096 8.9 2 114,135 1.3 121,902 1.4 1 — — — — Total $ 8,961,549 100.0 % $ 8,621,220 100.0 % Expand The Company will host an earnings conference call at 10:30 am (Eastern Time) on Tuesday, August 5, 2025 to discuss the quarterly financial results. All interested parties may participate in the conference call by dialing (888) 330-3529 approximately 10-15 minutes prior to the call; international callers should dial (646) 960-0656. Participants should reference Golub Capital BDC, Inc. when prompted or reference conference ID number 5111111. For a slide presentation that we intend to refer to on the earnings conference call, please visit the Investor Resources link on the homepage of our website ( and click on the Quarter Ended 06.30.2025 Earnings Presentation under Events/Presentations. An archived replay of the call will be available shortly after the call until 11:59 p.m. (Eastern Time) on August 12, 2025. To hear the replay, please dial (800) 770-2030. International dialers, please dial +1 (647) 362-9199. For all replays, please reference program ID number 5111111. Golub Capital BDC, Inc. and Subsidiaries Consolidated Statements of Financial Condition (In thousands, except share and per share data) March 31, 2025 Assets (unaudited) (unaudited) Investments, at fair value (cost of $8,967,518 and $8,672,620, respectively) $ 8,961,549 $ 8,621,220 Cash and cash equivalents 91,855 103,136 7,901 13,791 Restricted cash and cash equivalents 79,017 129,457 Interest receivable 70,783 65,743 Receivable for investments 4,808 3,897 Other assets 20,600 12,621 Total Assets $ 9,236,513 $ 8,949,865 Liabilities Debt $ 5,154,001 $ 4,833,150 Less unamortized debt issuance costs (26,853 ) (26,232 ) Debt less unamortized debt issuance costs 5,127,148 4,806,918 Interest payable 51,446 50,473 Management and income incentive fees payable 40,613 40,869 Accounts payable and other liabilities 21,977 8,107 Total Liabilities 5,241,184 4,906,367 Net Assets Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of June 30, 2025 and March 31, 2025, respectively. — — Common stock, par value $0.001 per share, 500,000,000 shares authorized, 266,376,416 issued and outstanding as of June 30, 2025; 500,000,000 shares authorized, 268,831,114 issued and outstanding as of March 31, 2025. 266 269 Paid in capital in excess of par 4,202,928 4,237,261 Distributable earnings (207,865 ) (194,032 ) Total Net Assets 3,995,329 4,043,498 Total Liabilities and Total Net Assets $ 9,236,513 $ 8,949,865 Number of common shares outstanding 266,376,416 268,831,114 Net asset value per common share $ 15.00 $ 15.04 Expand Golub Capital BDC, Inc. and Subsidiaries Consolidated Statements of Operations (In thousands, except share and per share data) Three months ended June 30, 2025 March 31, 2025 (unaudited) (unaudited) Investment income Interest income $ 212,899 $ 208,895 Acquisition purchase price premium amortization (3,602 ) (4,592 ) Dividend income 8,224 7,877 Fee income 823 1,712 Total investment income 218,344 213,892 Expenses Interest and other debt financing expenses 70,698 69,911 Base management fee 22,082 21,714 Incentive fee 18,543 18,247 Professional fees 2,142 1,765 Administrative service fee 3,142 3,185 General and administrative expenses 475 408 Total expenses 117,082 115,230 Net expenses 117,082 115,230 Net investment income after tax 101,262 98,662 Net gain (loss) on investment transactions Net realized gain (loss) from: Investments 376 (16,864 ) Foreign currency transactions (400 ) (174 ) Forward currency contracts — 5,997 Net realized gain (loss) in investment transactions (24 ) (11,041 ) Net change in unrealized appreciation (depreciation) from: Investments (13,029 ) (4,715 ) Translation of assets and liabilities in foreign currencies 23,857 11,427 Forward currency contracts (22,219 ) (15,495 ) Net change in unrealized appreciation (depreciation) on investment transactions (11,391 ) (8,783 ) Net gain (loss) on investment transactions (11,415 ) (19,824 ) Net realized gain (loss) on extinguishment of debt — — (Provision) benefit for taxes on unrealized appreciation on investments 211 146 Net increase (decrease) in net assets resulting from operations $ 90,058 $ 78,984 Per Common Share Data Basic and diluted earnings per common share $ 0.34 $ 0.30 Dividends and distributions declared per common share $ 0.39 $ 0.39 Basic and diluted weighted average common shares outstanding 266,844,118 266,484,213 Expand ABOUT GOLUB CAPITAL BDC, INC. Golub Capital BDC, Inc. ('GBDC') is an externally-managed, non-diversified closed-end management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. GBDC invests primarily in one stop and other senior secured loans to middle market companies that are often sponsored by private equity investors. GBDC's investment activities are managed by its investment adviser, GC Advisors LLC, an affiliate of the Golub Capital LLC group of companies ('Golub Capital'). ABOUT GOLUB CAPITAL Golub Capital is a market-leading, award-winning direct lender and experienced private credit manager. The firm specializes in delivering reliable, creative and compelling financing solutions to companies backed by private equity sponsors. Golub Capital's sponsor finance expertise also forms the foundation of its Broadly Syndicated Loan and Credit Opportunities investment programs. Golub Capital nurtures long-term, win-win partnerships that inspire repeat business from private equity sponsors and investors. As of April 1, 2025, Golub Capital had over 1,000 employees and over $75 billion of capital under management, a gross measure of invested capital including leverage. The firm has offices in North America, Europe, Asia and the Middle East. For more information, please visit FORWARD-LOOKING STATEMENTS This press release may contain 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those expressed or implied in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. Golub Capital BDC, Inc. undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release. Source: Golub Capital BDC, Inc.
Malaysian Reserve
10-06-2025
- Business
- Malaysian Reserve
FINAL NOTICE: Shareholders Have the Right to Lead the BigBear.ai Holdings, Inc. Securities Lawsuit
LOS ANGELES, June 9, 2025 /PRNewswire/ — The DJS Law Group reminds investors of a class action lawsuit against Holdings, Inc. ('BigBear' or 'the Company') (NYSE: BBAI) for violations of the federal securities laws. Shareholders who purchased the Company's securities between March 31, 2022 and March 25, 2025, inclusive (the 'Class Period'), are encouraged to contact the firm before June 10, 2025. CASE DETAILS: The complaint alleges that the Company made false and misleading statements to the market concerning whether BigBear failed to maintain adequate accounting review policies for the disclosure of non-routine and complex transactions. The Company incorrectly believed the conversion option in its 2026 Convertible Notes qualified for a derivative scope exception Accounting Standards Codification ('ASC') 815-40 and failed to comply with ASC 815-15 on the bifurcation of the conversion option. As a result, the Company misstated multiple items in its previously issued financial statements. The Company would be forced to restate its incorrect financial statements If you are a shareholder who suffered a loss, contact us to participate. WHY DJS LAW GROUP? DJS Law Group's primary focus is to enhance investor return through balanced counseling and aggressive advocacy. We specialize in securities class actions, corporate governance litigation, and domestic/international M&A appraisals. Our clients are some of the largest and most sophisticated hedge funds and alternative asset managers in the world. The litigation claims of our clients are extraordinarily valuable assets that demand respect, focus, and results. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics. CONTACT: David J. Schwartz DJS Law Group 274 White Plains Road, Suite 1 Eastchester, NY 10709 Phone: 914-206-9742 Email: David@
Business Wire
10-06-2025
- Business
- Business Wire
BBAI Deadline Today: Rosen Law Firm Urges BigBear.ai Holdings, Inc. (NYSE: BBAI) Stockholders with Large Losses to Contact the Firm for Information About Their Rights
NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, announces that a shareholder filed a class action on behalf of purchasers of securities of Holdings, Inc. (NYSE: BBAI) between March 31, 2022 and March 25, 2025, both dates inclusive (the 'Class Period'). is an artificial intelligence ('AI')-driven technology solutions company. For more information, submit a form, email attorney Phillip Kim, or give us a call at 866-767-3653. The Allegations: Rosen Law Firm is Investigating the Allegations that Holdings, Inc. (NYSE: BBAI) Misled Investors Regarding its Business Operations. According to the lawsuit, during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) maintained deficient accounting review policies related to the reporting and disclosure of certain non-routine, unusual, or complex transactions; (2) as a result, incorrectly determined that the conversion option within the 2026 Convertible Notes qualified for the derivative scope exception under Accounting Standards Codification ('ASC') 815-40 and failed to bifurcate the conversion option as required by ASC 815-15; (3) accordingly, had improperly accounted for the 2026 Convertible Notes; (4) the foregoing error caused to misstate various items in several of previously issued financial statements; (5) as a result, these financial statements were inaccurate and would likely need to be restated; (6) would require extra time and expense to correct the inaccurate financial statements, thereby increasing the risk that would be unable to timely file certain financial reports with the SEC; and (7) as a result, public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages. What Now: You may be eligible to participate in the class action against Holdings, Inc. Shareholders who want to serve as lead plaintiff for the class must file their motions with the court by June 10, 2025. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here. All representation is on a contingency fee basis. Shareholders pay no fees or expenses. About Rosen Law Firm: Some law firms issuing releases about this matter do not actually litigate securities class actions. Rosen Law Firm does. Rosen Law Firm is a recognized leader in shareholder rights litigation, dedicated to helping shareholders recover losses, improving corporate governance structures, and holding company executives accountable for their wrongdoing. Since its inception, Rosen Law Firm has obtained over $1 billion for shareholders. Follow us for updates on LinkedIn: on Twitter: or on Facebook: Attorney Advertising. Prior results do not guarantee a similar outcome.
Associated Press
04-06-2025
- Business
- Associated Press
DEADLINE NEXT WEEK: Berger Montague Advises BigBear.ai Holdings (NYSE: BBAI) Investors to Contact the Firm Before June 10, 2025
PHILADELPHIA, June 04, 2025 (GLOBE NEWSWIRE) -- Berger Montague PC advises investors that a securities class action lawsuit has been filed against 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 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, 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. The complaint alleges that, throughout the Class Period, Defendants failed to disclose that: (i) BigBear maintained deficient accounting review policies; (ii) the Company incorrectly determined that the conversion option within the 2026 Notes qualified for the derivative scope exception under Accounting Standards Codification ('ASC') 815-40 and failed to bifurcate the conversion option as required by ASC 815-15; (iii) thus, BigBear had improperly accounted for the 2026 Notes. 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]
Business Upturn
23-05-2025
- Business
- Business Upturn
BIGBEAR.AI HOLDINGS (NYSE: BBAI) CLASS ACTION DEADLINE APPROACHING: Berger Montague Advises Investors to Inquire About a Securities Fraud Class Action by June 10, 2025
PHILADELPHIA, May 23, 2025 (GLOBE NEWSWIRE) — Berger Montague PC advises investors that a securities class action lawsuit has been filed against 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, 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. The complaint alleges that, throughout the Class Period, Defendants failed to disclose that: (i) BigBear maintained deficient accounting review policies; (ii) the Company incorrectly determined that the conversion option within the 2026 Notes qualified for the derivative scope exception under Accounting Standards Codification ('ASC') 815-40 and failed to bifurcate the conversion option as required by ASC 815-15; (iii) thus, BigBear had improperly accounted for the 2026 Notes. 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 HERE or 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 CounselBerger Montague(215) 875-3015 [email protected]
