Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against BigBear.ai Holdings, Inc. (BBAI)

Core Viewpoint - A securities class action lawsuit has been filed against BigBear.ai Holdings, Inc. for allegedly making materially false and misleading statements regarding its business and financial reporting during the class period from March 31, 2022, to March 25, 2025 [1] Group 1: Allegations of Misconduct - The complaint alleges that BigBear maintained deficient accounting review policies related to the reporting and disclosure of certain non-routine, unusual, or complex transactions [2] - It is claimed that BigBear incorrectly determined that the conversion option within the 2026 Convertible Notes qualified for the derivative scope exception under ASC 815 40 and failed to bifurcate the conversion option as required by ASC 815-15 [2] - The complaint states that these errors led to the misstatement of various items in previously issued financial statements, which would likely need to be restated [2] Group 2: Impact on Financial Statements - On March 18, 2025, BigBear disclosed that certain financial statements since fiscal year 2021 should no longer be relied upon and would be restated due to a material error in the accounting treatment of the 2026 Convertible Notes [3] - The company indicated that it would be unable to timely file its Annual Report for 2024 without unreasonable effort or expense [3] - Following this disclosure, BigBear's stock price fell by $0.52 per share, or 14.9$2.97 per share on March 18, 2025 [3] Group 3: Investor Actions - Investors who purchased shares of BigBear are encouraged to contact the law firm Gainey McKenna & Egleston prior to the June 10, 2025 lead plaintiff motion deadline [4]