Multiple securities law firms, including Faruqi & Faruqi, LLP, have recently notified investors of New Era Energy & Digital, Inc. (NASDAQ: NUAI) that the deadline to apply for the role of lead plaintiff in the securities fraud class action lawsuit is June 1, 2026.
The lawsuit pertains to investors who purchased NUAI securities between November 6, 2024, and December 29, 2025. The core allegations claim the company and its executives issued materially false and misleading statements during this period. These primarily involve two aspects: first, overstating progress regarding regulatory approvals for its flagship "Texas Critical Data Center" project; second, concealing a fraudulent scheme related to oil and gas wells in New Mexico. This scheme allegedly involved transferring wells between related entities and subsequently placing the indebted companies into bankruptcy to evade well-plugging and environmental remediation obligations.
Key events in the timeline include a report from short-seller Fuzzy Panda Research on December 12, 2025. The report alleged that despite the company telling investors it had made "significant progress" on air permits, government databases showed "not even an application had been filed." The report also labeled the company's pivot to AI-powered operations as an "illusion" and noted CEO E. Will Gray II had approximately 20 years of history "burning value" while running over-the-counter oil and gas companies. Following this report, NUAI's stock price fell 6.9% that day, closing at $3.35.
On December 29, 2025, Hunterbrook Media reported that the New Mexico Attorney General had filed a lawsuit against NUAI, its subsidiaries, and its CEO. The suit accuses them of operating a "fraudulent oil and gas scheme" to "siphon revenue from producing wells while abandoning environmental cleanup duties." The complaint states the defendants used shell entities and strategic bankruptcies to evade liabilities, "generating substantial revenue (likely in the millions of dollars)." This news caused NUAI's stock price to plummet 41% that day, closing at $2.69.
Investors have the opportunity to apply to the court to serve as lead plaintiff by the June 1, 2026 deadline. The lead plaintiff is typically the investor or group of investors with the largest financial interest who can represent the class members in directing the litigation. Investors, whether or not they serve as lead plaintiff, may share in any potential future recovery. Multiple law firms have filed class action lawsuits, including Faruqi & Faruqi, Pomerantz, Bernstein Liebhard, Rosen, and Levi & Korsinsky.
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