A securities class action has been filed against New Era Energy & Digital, Inc. (NUAI) on behalf of persons and entities that purchased or otherwise acquired New Era Energy & Digital securities between November 6, 2024 through December 29, 2025. This case has been filed in the USDC – WDTX.
On December 12, 2025, Fuzzy Panda Research published a report (the “FP Report”) alleging, among other things, that “of NUAI’s 406 gas wells, 346 were acquired from companies that went bankrupt operating the very same wells, including 87 wells from the company E. Will Gray II was CEO of and bankrupted himself, Remnant Oil.” The FP Report states this was in line with prior companies run by New Era Chief Executive Officer (“CEO”), Everett Willard Gray II (“Gray,” also known as “E. Will”) who “has a long history (~20 years) of incinerating value at oil & gas pink sheet companies” some seemingly on purpose to effectuate his own financial benefit. For example, the report details how “Gray was Co-Founder & CEO of Remnant Oil, a private co, which went bankrupt in 2019 after hundreds of ‘regulatory violations’” but that Remnant’s wells were “acquired in bankruptcy by a related party, Acacia Resources, and were then sold to Solis Partners, a subsidiary of New Era Energy.” The FP Report states it “uncovered that Gray’s playbook includes financial tricks to enrich insiders, like converting related party loans to equity or paying fees to friends and family.”
The FP Report further calls the Company’s pivot to fueling AI companies a “fantasy.” The FP Report alleges that, among other things, that despite the Company “telling investors it’s made significant progress” with its regulatory permitting, including the submission of air quality permits, “no applications have even been submitted.” The FP states that according to “Texas, New Mexico and Federal government databases for the construction and environmental permits that NUAI will need to start building its data centers and power plants” the Company had not submitted any of its required permits, “not even an application.”
On this news, New Era’s stock price fell $0.25 per share, or 6.9%, to close at $3.35 on December 12, 2025, on unusually heavy trading volume.
On December 29, 2025, Hunterbrook Media reported that the New Mexico Attorney General filed a lawsuit against New Era Energy, its subsidiary Solis Partners, LLC, and Gray, among others, (the “HBM Report”). The HBM Report publicized that New Mexico had recently filed a complaint alleging New Era Energy, Gray, and a network of affiliated companies, had orchestrated a “fraudulent oil-and-gas scheme” to “siphon revenue from wells that produce fossil fuels while abandoning environmental cleanup obligations.” The HBM Report details how the complaint “alleges a broader pattern of fraudulent transfers, self-dealing, and false statements to regulators, including the use of shell entities and strategic bankruptcies to evade responsibility.”
According to the HBM Report, the scheme reportedly involved the Company, Gray, and a network of affiliated companies transferring wells among related entities, including New Era Energy and its subsidiary, Solis Partners “selling” wells to themselves, and then placing liability-bearing companies into bankruptcy to avoid plugging and remediation costs. Reportedly, New Era Energy was core to the scheme, in part by receiving and operating the most valuable gas wells, 87 in total, which were transferred from Acacia to Solis Partners, while leaving Acacia with the bulk of plugging and remediation liabilities. That transfer reportedly occurred in July 2021. According to the complaint, the defendants, including New Era Energy, thus subsequently “received significant revenue (possibly into the millions of dollars) that they knew would otherwise be required to address” plugging and remediation costs.
On this news, New Era’s stock price fell $1.87, or 41%, to close at $2.69 per share on December 29, 2025, on unusually heavy trading volume.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) the Company overstated its progress in its permitting and regulatory filings for its flagship Texas Critical Data Centers project; (2) the Company was involved in a fraudulent scheme “to pocket revenues from hundreds of oil and gas wells in New Mexico” by transferring wells among related entities and then placing liability-bearing companies into bankruptcy to avoid plugging and remediation costs; (3) that, as a result, the Company’s financial results were false and/or misleading; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.