GlobeNewswire News Room·2025-06-02 16:41Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against NET Power Inc. due to allegations of misleading statements regarding Project Permian's timeline and costs, which have negatively impacted the company's stock price and investor confidence [2][4]. Group 1: Company Performance and Financials - NET Power's stock price fell by $2.47 per share, or 18.54%, closing at $10.85 on November 14, 2023, following the announcement of a significant delay in Project Permian's operational timeline [6]. - On March 10, 2025, NET Power disclosed that Project Permian's total installed cost is now estimated to be between $1.7 billion and $2.0 billion, up from a previous estimate of $1.1 billion, and the project is now expected to come online no earlier than 2029 [7]. - The company ended 2024 with $533 million in cash, down from $580 million, primarily due to operating cash outflows and capital expenditures [7]. Group 2: Project Permian Updates - The company announced a 12-month cushion in its expected schedule for Project Permian, now anticipating initial power generation between the second half of 2027 and the first half of 2028, a significant delay from the original 2026 target [5]. - The complaint alleges that NET Power and its executives failed to disclose the likelihood of delays and increased costs associated with Project Permian due to supply chain issues and other challenges [4]. Group 3: Management Changes - On April 15, 2025, NET Power announced the departure of its President and COO, as well as its CFO, effective May 1, 2025, which led to a further decline in stock price by $0.13 per share, or 5.75%, closing at $2.13 on April 16, 2025 [8].