Pomerantz Law Firm Announces the Filing of a Class Action Against BigBear.ai Holdings, Inc. and Certain Officers – BBAI

Core Viewpoint - A class action lawsuit has been filed against BigBear.ai Holdings, Inc. and certain officers for alleged violations of federal securities laws during the Class Period from March 31, 2022, to March 25, 2025, seeking damages for misleading statements regarding the company's financial practices and accounting policies [1][10]. Company Overview - BigBear.ai Holdings, Inc. is an artificial intelligence-driven technology solutions company that provides services in national security, supply chain management, and digital identity and biometrics [4]. Legal Proceedings - The class action lawsuit was filed in the United States District Court for the Eastern District of Virginia, with a deadline of June 10, 2025, for investors to apply as Lead Plaintiff [1][2]. - The complaint alleges that BigBear made materially false and misleading statements about its business operations and compliance policies, particularly regarding the accounting treatment of its 2026 Convertible Notes [10]. Financial Reporting Issues - BigBear disclosed on March 18, 2025, that certain financial statements since fiscal year 2021 should no longer be relied upon due to a material error in accounting for the 2026 Convertible Notes, leading to a significant drop in stock price [11]. - The 2024 10-K filing revealed that the conversion option embedded within the 2026 Notes was incorrectly deemed eligible for a scope exception, necessitating restatement of financial statements [12]. Business Combination - BigBear underwent a Business Combination with GigCapital4, Inc. in December 2021, resulting in the issuance of $200 million in unsecured convertible notes due December 15, 2026, with a 6.0% annual interest rate [5][6].