NEW YORK, May 25, 2025 (GLOBE NEWSWIRE) — Leading securities law firm Bleichmar Fonti & Auld LLP announces that a lawsuit has been filed against BigBear.ai Holdings, Inc. (NYSE: BBAI) and certain of the Company’s senior executives for potential violations of the federal securities laws.
If you invested in BigBear.ai, you are encouraged to obtain additional information by visiting https://www.bfalaw.com/cases-investigations/bigbearai-holdings-inc.
Investors have until June 10, 2025, to ask the Court to be appointed to lead the case. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors who purchased BigBear.ai securities. The case is pending in the U.S. District Court for the Eastern District of Virginia and is captioned Priewe v. BigBear.ai Holdings, Inc., et al., No. 25-cv-00623.
Why was BigBear.ai Sued for Securities Fraud?
BigBear.ai is an AI-driven technology solutions company that helps organizations operationalize AI by analyzing complex data and providing actionable insights in areas of national security, supply chain management, and digital identity and biometrics solutions.
BigBear.ai went public via a special purpose acquisition company (“SPAC”) transaction, completing merging first with GigCapital4 Merger Sub Corporation, and subsequently with GigCapital4, Inc. Upon completion of the merger, BigBear.ai issued $200 million of unsecured convertible notes with a maturity date of December 15, 2026. During the relevant period, BigBear.ai improperly accounted for the 2026 Convertible Notes, causing it to misstate various items in several of the Company’s previously issued financial statements.
The Stock Declines as the Truth is Revealed
On March 18, 2025, BigBear.ai delayed the filing of its 2024 10K, disclosing that certain of the Company’s financial statements since fiscal year 2021 should no longer be relied upon and would be restated. On this news, the price of BigBear.ai stock declined roughly 15%, from a closing price of $3.49 per share on March 17, 2025, to $2.97 per share on March 18, 2025.
Then, on March 25, 2025, after market, BigBear filed its 2024 10-K restating its consolidated financial statements “to reflect the issuance of the 2026 Notes Conversion Option at fair value as of December 7, 2021 and the subsequent remeasurement to fair value at each reporting date.” The 2024 10-K also disclosed that the Company had identified a material weakness in its internal control over financial reporting. On this news, the price of BigBear.ai stock declined roughly 9%, from a closing price of $3.51 per share on March 25, 2025, to $3.19 per share on March 26, 2025.
Click here if you suffered losses: https://www.bfalaw.com/cases-investigations/bigbearai-holdings-inc.
What Can You Do?
If you invested in BigBear.ai you may have legal options and are encouraged to submit your information to the firm.
All representation is on a contingency fee basis, there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
Submit your information by visiting:
https://www.bfalaw.com/cases-investigations/bigbearai-holdings-inc
Or contact:
Ross Shikowitz
ross@bfalaw.com
212-789-3619
Why Bleichmar Fonti & Auld LLP?
Bleichmar Fonti & Auld LLP is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It was named among the Top 5 plaintiff law firms by ISS SCAS in 2023 and its attorneys have been named Titans of the Plaintiffs’ Bar by Law360 and SuperLawyers by Thompson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
https://www.bfalaw.com/cases-investigations/bigbearai-holdings-inc
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