Step 1
Unite with Fellow Investors
Step 2
Choose the Best Attorney
Step 3
Provide Documents
Step 4
Follow Case Progress
Step 5
Get Payout
NPWR.US
id: 1574
Net Power ($NPWR) Misleading Cost and Schedule Claims for Flagship Plant Case
M.D. North Carolina
Court1:25-cv-00296
Case number06/09/2023
Class period Start03/07/2025
Class period End06/17/2025
Lead Plaintiff motion deadline- $NPWR investors filed a claim against Net Power for downplaying delays and cost overruns tied to its first utility-scale plant, Project Permian.
- After pushing the timeline to 2029 and raising cost estimates to $2 billion, $NPWR dropped 31.5% on March 10, 2025.
- $NPWR investors can join this case to be notified about potential recovery.
Case Details:
Between June 9, 2023 and March 7, 2025, Net Power promoted its Project Permian plant as a transformative clean energy solution, claiming it would be operational by 2026 at a cost of $950 million. Executives repeatedly told investors that development was on track and that cost inflation was manageable. Throughout this period, they issued multiple reassurances in SEC filings and earnings calls, including as recently as November 2024, stating the project remained “on schedule.”
However, on March 10, 2025, Net Power disclosed that Project Permian’s estimated cost had ballooned to $1.7–$2.0 billion and that the plant would not come online until 2029 at the earliest. The company admitted it had paused equipment purchases due to cost concerns and faced numerous supply chain and site-specific challenges. These issues had not been previously disclosed, even though internal engineering and permitting reviews were already underway.
$NPWR dropped 31.5% in one day, closing at $4.75. A month later, Net Power announced the sudden departure of both its COO and CFO, adding to investor concern.
Based on these events, $NPWR investors filed a claim against Net Power, accusing the company of the following:
- It misled investors about the timeline, budget, and construction risks associated with Project Permian.
- It concealed known cost escalations and delays while publicly reaffirming 2026 targets.
Considering all the representations, investors believe Net Power distorted expectations around its flagship project to sustain stock value and attract capital post-SPAC merger.
Case Status
Lead Plaintiff Appointment
Alleged Offence
Misleading Statements,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
03/10/2025
Filing date
04/18/2025
Lead Plaintiff Deadline
06/17/2025