A securities class action has been filed against NET Power Inc. (NPWR) on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Net Power securities between June 9, 2023 through March 7, 2025. This case has been filed in the USDC – MDNC.
On March 10, 2025, Net Power issued a press release announcing its financial and operating results for the fourth quarter and full-year 2024. Among other items, Net Power reported that it ended 2024 with $533 million in cash, cash equivalents and investments, down from $580 million in the prior quarter, a reduction that it attributed to $13 million in operating cash outflows and $29 million in capital expenditures.
On this news, Net Power’s stock price fell $2.18 per share, or 31.46%, to close at $4.75 per share on March 10, 2025.
Then, on April 15, 2025, Net Power issued a press release announcing that its President and Chief Operating Officer Brian Allen and Chief Financial Officer Akash Patel would depart the Company on May 1, 2025, and that “[t]he Company has appointed Marc Horstman as Chief Operating Officer, effective immediately.”
On this news, Net Power’s stock price fell $0.13 per share, or 5.75% to close at $2.13 per share on April 16, 2025.