SAN DIEGO, April 17, 2025 (GLOBE NEWSWIRE) — Robbins LLP reminds stockholders that a class action was filed on behalf of all persons and entities that purchased or otherwise acquired BigBear.ai Holdings, Inc. (NYSE: BBAI) securities between March 31, 2022 and March 25, 2025. BigBear is an artificial intelligence (“AI”)-driven technology solutions company.
For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.
The Allegations: Robbins LLP is Investigating Allegations that BigBear.ai Holdings, Inc. (BBAI) Has to Restate its Financial Statements
According to the complaint, during the class period, defendants failed to disclose 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; and (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.
The complaint alleges that on March 18, 2025, BigBear disclosed in a filing with the SEC that certain of the Company’s financial statements since fiscal year 2021 should no longer be relied upon and would be restated. Specifically, management identified a material error in the previously reported financial statements related to the accounting treatment of the Company’s 2026 Convertible Notes. In addition, BigBear revealed that, as a result of the foregoing, the Company would be unable to timely file its Annual Report for 2024 (the “2024 10-K”) “without unreasonable effort or expense.” 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.
What Now: You may be eligible to participate in the class action against BigBear.ai Holdings, Inc. Shareholders who want to serve as lead plaintiff for the class must file their papers with the court by June 10, 2025. The 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 Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002.
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