Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses In NET Power To Contact Him Directly To Discuss Their Options
If you purchased or acquired securities in NET Power between June 9, 2023 and March 7, 2025 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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NEW YORK, April 26, 2025 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against NET Power Inc. (“Net Power” or the “Company”) (NYSE: NPWR) and reminds investors of the June 17, 2025 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) 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; (2) accordingly, Defendants’ projections regarding the time and capital needed to complete Project Permian were unrealistic; (3) 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 (4) as a result, Defendants’ public statements were materially false and misleading at all relevant times.
On November 14, 2023, during pre-market hours, Net Power issued a press release announcing its third quarter 2023 results and providing a business update. Therein, the Company disclosed that “[d]ue to . . . tightness in the global supply chain, we are incorporating a 12-month cushion into our expected schedule for Project Permian” with Defendants “now expecting to achieve initial power generation sometime between the second half of 2027 and first half of 2028.” This represented a significant delay from Defendants’ initial schedule to have the plant operational by 2026.
On this news, Net Power’s stock price fell $2.47 per share, or 18.54%, to close at $10.85 per share on November 14, 2023.
On March 10, 2025, during pre-market hours, Net Power issued a press release announcing its fourth quarter and full year 2024 results and providing a business update. Therein, Net Power disclosed that it “now estimates Project Permian’s total installed cost to be between $1.7 billion and $2.0 billion”-significantly higher than its last estimate of $1.1 billion-“which is inclusive of non-recurring first-of-a-kind, Project Permian site-specific and owner costs[,]” advising that “there are a number of site- and region-specific challenges which impact cost.” The Company further advised that Project Permian “would come online no earlier than 2029[,]” representing a significant delay from its prior timeline of sometime between the second half of 2027 and first half of 2028. In addition, Net Power reported that it ended 2024 “with $533 million in cash, cash equivalents, and investments, down from $580 million last quarter, primarily due to $13 million in operating cash outflows and $29 million in capital expenditures for La Porte upgrades and SN1 development.”
On this news, Net Power’s stock price fell $2.18 per share, or 31.46%, to close at $4.75 per share on March 10, 2025.
Then, on April 15, 2025, Net Power issued a press release announcing that its President and Chief Operating Officer (“COO”) and Chief Financial Officer would depart the Company on May 1, 2025, and that the Company had appointed a new COO, effective immediately.
On this news, Net Power’s stock price fell $0.13 per share, or 5.75%, to close at $2.13 per share on April 16, 2025.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding NET Powers’ conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the NET Power class action, go to www.faruqilaw.com/NPWR or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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