# Investors Alerted: Deadline Approaching for NET Power Class Action Lawsuit
Glancy Prongay & Murray LLP informs investors of the approaching June 17, 2025 deadline to file a lead plaintiff motion in the class action suit filed on behalf of those who purchased or acquired NET Power Inc. (“Net Power” or the “Company”) NPWR securities from June 9, 2023, to March 7, 2025, inclusive (the “Class Period”).
IF YOU SUFFERED A LOSS ON YOUR NET POWER INVESTMENTS, CLICK HERE TO INQUIRE ABOUT POTENTIAL CLAIMS UNDER THE FEDERAL SECURITIES LAWS.
Overview of Recent Events
On November 14, 2023, prior to the market opening, Net Power announced its third quarter 2023 financial results. The report indicated that due to “tightness in the global supply chain,” the Company would implement a “12-month cushion into [its] expected schedule” for Project Permian, its first utility-scale plant. As a result, initial power generation is now projected between the second half of 2027 and the first half of 2028, a delay from the previous target of 2026.
Following this announcement, Net Power’s stock price decreased by $2.47, or 18.5%, closing at $10.85 per share on November 14, 2023, impacting investors adversely.
Subsequently, on March 10, 2025, the Company disclosed its fourth quarter and full year 2024 financial results. This report revealed that while the Front-End Engineering and Design (FEED) for Project Permian had been finalized, the cost estimates were much higher than anticipated. The Company paused long-lead releases for the project, estimating total installed costs between $1.7 billion and $2 billion.
On this news, the stock fell by $2.18, or 31.5%, to close at $4.75 per share on March 10, 2025.
Further compounding issues, on April 15, 2025, Net Power announced key departures including its President, Chief Operating Officer, and Chief Financial Officer. This news led to a stock price decline of $0.13, or 5.8%, bringing the closing price down to $2.13 per share on April 16, 2025.
Details of the Lawsuit
The class action complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and failed to disclose significant adverse facts regarding the Company’s operations and prospects. Notably, investors were not told that: (1) completion of Project Permian was unlikely on the original schedule due to supply chain problems and specific challenges at the site; (2) the initial projections regarding time and capital investment for the project were unrealistic; (3) the resultant increased time and costs would likely harm the Company’s financial stability; and (4) consequently, the positive public statements from Defendants regarding Net Power’s performance were materially misleading.
If you purchased or acquired Net Power securities during the Class Period, you must move the Court to request appointment as lead plaintiff in this class action lawsuit by June 17, 2025.
Contact Information for Participation
To learn more about this action or if you have any questions regarding this announcement, please contact:
Charles Linehan, Esq.
Glancy Prongay & Murray LLP,
1925 Century Park East, Suite 2100,
Los Angeles, CA 90067
Email: [email protected]
Telephone: 310-201-9150,
Toll-Free: 888-773-9224
You may retain counsel or take no action to remain an absent class member.
