NPWR INVESTOR ALERT: NET Power Inc. Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit
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SAN DIEGO, April 23, 2025 /PRNewswire/ -- The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of NET Power Inc. (NYSE: NPWR; NPWR WS) securities between June 9, 2023 and March 7, 2025, inclusive (the "Class Period"), have until June 17, 2025 to seek appointment as lead plaintiff of the NET Power class action lawsuit.  Captioned Luciani v. NET Power Inc., No. 25-cv-00296 (M.D.N.C.), the NET Power class action lawsuit charges NET Power and certain of NET Power's top executives with violations of the Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the NET Power class action lawsuit, please provide your information here:

https://www.rgrdlaw.com/cases-net-power-inc-class-action-lawsuit-npwr.html

You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at [email protected].

CASE ALLEGATIONS: NET Power operates as an energy technology company.  According to the complaint, NET Power conducts research and equipment validation testing campaigns as part of its efforts to develop its first utility-scale plant at its facility located in La Porte, Texas, which NET Power variably refers to as "Project Permian."

The NET Power class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) 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, among other things, supply chain issues and numerous site- and region-specific challenges; (ii) accordingly, defendants' projections regarding the time and capital needed to complete Project Permian were unrealistic; and (iii) the increased time and capital needed to complete Project Permian were likely to have a significant negative impact on NET Power's business and financial results.

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The NET Power class action lawsuit further alleges that on November 14, 2023, NET Power announced its third quarter 2023 results, disclosing 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" – a significant delay from defendants' initial schedule to have the plant operational by 2026.  On this news, the price of NET Power stock fell more than 18%, according to the complaint.

Then, on March 10, 2025, the NET Power class action lawsuit alleges that NET Power announced its fourth quarter and full year 2024 results, disclosing that NET Power "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 complaint further alleges that NET Power 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.  On this news, the price of NET Power stock fell more than 31%, according to the NET Power class action lawsuit.

Finally, the NET Power class action lawsuit alleges that on April 15, 2025, NET Power announced that its President and Chief Operating Officer ("COO"), defendant Brian Allen, and Chief Financial Officer, defendant Akash Patel, would depart NET Power on May 1, 2025, and that NET Power had appointed a new COO, effective immediately.  On this news, the price of NET Power stock fell nearly 6%, according to the complaint.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired NET Power securities during the Class Period to seek appointment as lead plaintiff in the NET Power class action lawsuit.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the NET Power class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the NET Power class action lawsuit.  An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the NET Power class action lawsuit.

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ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world's leading law firms representing investors in securities fraud and shareholder litigation.  Our Firm has been ranked #1 in the ISS Securities Class Action Services rankings for four out of the last five years for securing the most monetary relief for investors.  In 2024, we recovered over $2.5 billion for investors in securities-related class action cases – more than the next five law firms combined, according to ISS.  With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs' firms in the world, and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest ever – $7.2 billion – in In re Enron Corp. Sec. Litig.  Please visit the following page for more information:

https://www.rgrdlaw.com/services-litigation-securities-fraud.html

Past results do not guarantee future outcomes.

Services may be performed by attorneys in any of our offices.

Contact:

Robbins Geller Rudman & Dowd LLP

J.C. Sanchez, Jennifer N. Caringal

655 W. Broadway, Suite 1900, San Diego, CA 92101

800-449-4900

[email protected]

SOURCE Robbins Geller Rudman & Dowd LLP
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