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]. Group 1: Lawsuit Details - The class action was filed in the United States District Court for the Eastern District of Virginia, seeking to recover damages for all persons and entities that purchased BigBear securities during the specified Class Period [1]. - Investors have until June 10, 2025, to request appointment as Lead Plaintiff for the class [2]. Group 2: Company Background - BigBear is an artificial intelligence-driven technology solutions company that provides services in national security, supply chain management, and digital identity and biometrics [4]. - The company underwent a merger with GigCapital4, Inc. in December 2021, resulting in the renaming of GigCapital4 to BigBear.ai Holdings, Inc. [5]. Group 3: Financial Instruments and Accounting Issues - Following the merger, BigBear issued $200 million of unsecured convertible notes due to mature on December 15, 2026, with a 6.0% annual interest rate [6]. - The complaint alleges that BigBear failed to properly account for the conversion option within the 2026 Convertible Notes, leading to misstatements in financial reports [10]. - On March 18, 2025, BigBear disclosed that certain financial statements since fiscal year 2021 should no longer be relied upon due to a material error in accounting treatment, resulting in a stock price drop of 14.9% [11]. - The 2024 10-K filing revealed that the conversion option was incorrectly deemed eligible for a scope exception, necessitating restatement of financial statements and identification of a material weakness in internal controls [12].