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Faruqi & Faruqi Reminds NET Power Investors of the Pending Class Action Lawsuit with a Lead Plaintiff Deadline of June 17, 2025 - NPWR
NETCloudflare(NET) Prnewswire·2025-04-27 12:56

Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against NET Power Inc. due to allegations of false and misleading statements regarding Project Permian, which has faced significant delays and cost overruns [2][4]. Company Overview - NET Power Inc. is a publicly traded company on the NYSE under the ticker NPWR [2]. - The company has been involved in Project Permian, which is now estimated to have a total installed cost between 1.7billionand1.7 billion and 2.0 billion, significantly higher than the previous estimate of 1.1billion[7].ProjectPermianUpdates−Theprojectisnowexpectedtocomeonlinenoearlierthan2029,asignificantdelayfromearlierprojectionsofinitialpowergenerationbetweenthesecondhalfof2027andthefirsthalfof2028[5][7].−Thedelaysandincreasedcostsareattributedtosupplychainissuesandvarioussite−andregion−specificchallenges[4][7].FinancialImpact−Followingtheannouncementofthedelaysandincreasedcosts,NETPower′sstockpricefellby1.1 billion [7]. Project Permian Updates - The project is now expected to come online no earlier than 2029, a significant delay from earlier projections of initial power generation between the second half of 2027 and the first half of 2028 [5][7]. - The delays and increased costs are attributed to supply chain issues and various site- and region-specific challenges [4][7]. Financial Impact - Following the announcement of the delays and increased costs, NET Power's stock price fell by 2.47 per share (18.54%) to close at 10.85onNovember14,2023[6].−OnMarch10,2025,afterfurtherdisclosures,thestockpricedroppedby10.85 on November 14, 2023 [6]. - On March 10, 2025, after further disclosures, the stock price dropped by 2.18 per share (31.46%) to close at 4.75[7].−Thecompanyreportedadecreaseincashreserves,ending2024with4.75 [7]. - The company reported a decrease in cash reserves, ending 2024 with 533 million, down from 580million[7].ManagementChanges−OnApril15,2025,NETPowerannouncedthedepartureofitsPresidentandCOO,aswellasitsCFO,withanewCOOappointedimmediately[8].−Thisnewsledtoafurtherdeclineinthestockpriceby580 million [7]. Management Changes - On April 15, 2025, NET Power announced the departure of its President and COO, as well as its CFO, with a new COO appointed immediately [8]. - This news led to a further decline in the stock price by 0.13 per share (5.75%) to close at 2.13onApril16,2025[8].LegalProceedings−Investorswhosufferedlossesexceeding2.13 on April 16, 2025 [8]. Legal Proceedings - Investors who suffered losses exceeding 50,000 between June 9, 2023, and March 7, 2025, are encouraged to contact Faruqi & Faruqi to discuss their legal options [1][2]. - There is a deadline of June 17, 2025, for investors to seek the role of lead plaintiff in the federal securities class action against NET Power [2].