INVESTOR ALERT: Shareholder Class Action Lawsuit Filed Against NET Power, Inc. (NYSE: NPWR); DiCello Levitt LLP Encourages Investors with Losses to Discuss Their Options with Counsel

/EIN News/ -- SAN DIEGO, April 24, 2025 (GLOBE NEWSWIRE) -- A class action lawsuit has been filed on behalf of all persons and entities that purchased or otherwise acquired NET Power, Inc. (NYSE: NPWR) (“NET Power” or the “Company”) securities between June 9, 2023 and March 7, 2025 (the “Class Period”), charging the Company and certain senior executives with violations of the federal securities laws (collectively, “Defendants”).

NET Power investors have until June 17, 2025 to seek appointment as lead plaintiff of the NET Power class action lawsuit.

If you purchased or acquired NET Power securities between June 9, 2023 and March 7, 2025, and suffered substantial losses, and you wish to obtain additional information or serve as lead plaintiff in this lawsuit, you may submit your information and contact us here: https://dicellolevitt.com/securities/net-power/.

You can also contact DiCello Levitt attorneys Brian O’Mara or Ruben Peña by calling (888) 287-9005 or emailing investors@dicellolevitt.com.   Those who inquire by email are encouraged to include their mailing address, telephone number, and the number of shares purchased.

No Class Has Been Certified.   Until a class is certified, you are not represented by counsel unless you retain one.   You may select counsel of your choice.

Case Allegations

NET Power is a clean energy technology company. The Company’s business is centered around its “Net Power Cycle” technology, a power generation system designed to produce reliable and affordable electricity from natural gas while capturing atmospheric emissions. NET Power operates a facility to demonstrate the viability of the Net Power Cycle technology (the “Demonstration Facility”) from which it conducts research and equipment validation testing campaigns as part of its efforts to develop its first utility-scale plant, referred to as “Project Permian.”

Before the Class Period, Defendants represented that they anticipated Project Permian would be operational in 2026.   NET Power initially estimated the capital needed to make Project Permian operational as $950 million in 2023, which subsequently increased to $1.1 billion in 2024.

The NET Power lawsuit alleges that Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects.   Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) NET Power was unlikely to complete Project Permian by 2026 and the capital needed to make Project Permian operational would be substantially higher than originally estimated due to supply chain issues and site- and region-specific challenges; (2) as a result, Defendants’ projections regarding the amount of time and capital needed to complete Project Permian were unrealistic; and (3) the additional time and capital required to complete Project Permian would likely have a substantial negative impact on NET Power’s business and financial results.

The truth began to emerge on November 14, 2023, when NET Power issued a press release announcing its third quarter of fiscal year 2023 financial results and providing a business update, revealing that the Company was “now expecting to achieve initial power generation sometime between the second half of 2027 and first half of 2028” because of “tightness in the global supply chain.”   And that NET Power was now “incorporating a 12-month cushion into [its] expected schedule for Project Permian.”

On this news, the price of NET Power’s common stock fell by $2.47 per share, or 18.54%, to close at $10.85 per share on November 14, 2023.

The truth was fully revealed on March 10, 2025, when NET Power issued a press release announcing its fourth quarter and full year 2024 financial results, stating that it “now estimates Project Permian’s total installed cost to be between $1.7 billion and $2.0 billion,” inclusive of “non-recurring first-of-a-kind, Project Permian site-specific and owner costs” and “a number of site- and region-specific challenges which impact cost.” The Company also disclosed that Project Permian “would come online no earlier than 2029.”

On this news, the price of NET Power’s common stock fell by $2.18 per share, or 31.46%, to close at $4.75 per share on March 10, 2025.

About DiCello Levitt

At DiCello Levitt, we are dedicated to achieving justice for our clients through class action, business-to-business, public client, whistleblower, personal injury, civil and human rights, and mass tort litigation. Our lawyers are highly respected for their ability to litigate and win cases – whether by trial, settlement, or otherwise – for people who have suffered harm, global corporations that have sustained significant economic losses, and public clients seeking to protect their citizens’ rights and interests. Every day, we put our reputations – and our capital – on the line for our clients.

DiCello Levitt has achieved top recognition as Plaintiffs Firm of the Year and Trial Innovation Firm of the Year by the National Law Journal, in addition to its top-tier Chambers and Benchmark ratings. The New York Law Journal also recently recognized DiCello Levitt as a Distinguished Leader in trial innovation. For more information about the Firm, including recent trial victories and case resolutions, please visit www.dicellolevitt.com.

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Media Contact

Amy Coker
4747 Executive Drive, Suite 240
San Diego, CA 92121
619-963-2426
investors@dicellolevitt.com