BigBear.ai(US:BBAI) GlobeNewswire News Roomยท2025-06-02 13:13Core Viewpoint - A securities class action lawsuit has been filed against BigBear.ai Holdings, Inc. for alleged misstatements in financial reporting during the class period from March 31, 2022, to March 25, 2025 [1]. Company Overview - BigBear.ai Holdings, Inc. is an AI-driven technology company based in McLean, VA, providing solutions in national security, supply chain management, and digital identity and biometrics [3]. - The company underwent a business combination with GigCapital4, Inc., a special purpose acquisition company, which was completed on December 7, 2021, and subsequently issued $200 million in convertible notes maturing on December 15, 2026 [3]. Financial Reporting Issues - On March 18, 2025, BigBear announced that certain financial statements since fiscal year 2021 were unreliable and would be restated, particularly concerning the accounting treatment of the 2026 Notes, leading to a stock price drop of $0.52 (14.9%) to $2.97 per share [4]. - Following the filing of its 2024 10-K on March 25, 2025, BigBear disclosed that a conversion option in the 2026 Notes was incorrectly classified, resulting in a restatement of financial statements and identification of a material weakness in internal controls over financial reporting, causing another stock price decline of $0.32 (9.11%) to $3.19 per share [5].