Bleichmar Fonti & Auld LLP Files Lawsuit Against BigBear.ai Holdings, Inc.
On May 31, 2025, Bleichmar Fonti & Auld LLP, a prominent securities law firm, announced the filing of a lawsuit against BigBear.ai Holdings, Inc. (NYSE: BBAI) and several senior executives. The suit alleges violations of federal securities laws related to the company’s financial disclosures. Investors who purchased BigBear.ai securities are encouraged to seek more information and consider joining the case by June 10, 2025, the deadline for requesting court appointment as lead plaintiff.
The complaint, filed in the U.S. District Court for the Eastern District of Virginia under the case name Priewe v. BigBear.ai Holdings, Inc., et al. (No. 25-cv-00623), cites violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
Details Behind the Securities Fraud Allegations
BigBear.ai provides AI-driven technology solutions aimed at helping organizations operationalize artificial intelligence across sectors like national security, supply chain management, and biometrics. The company went public through a SPAC merger with GigCapital4, Inc., and subsequently issued $200 million in unsecured convertible notes maturing in December 2026.
According to the lawsuit, BigBear.ai improperly accounted for these 2026 Convertible Notes. This led to misstated financial statements across multiple reporting periods, affecting the accuracy and reliability of previously issued financial disclosures.
Stock Impact Following Disclosure of Financial Issues
BigBear.ai disclosed on March 18, 2025, that it was delaying the filing of its 2024 Form 10-K because certain financial statements dating back to fiscal year 2021 could no longer be relied upon and would require restatement. This announcement caused the company’s stock price to drop approximately 15%, falling from $3.49 to $2.97 per share.
One week later, on March 25, BigBear.ai filed the restated 2024 10-K, acknowledging the need to remeasure the 2026 Notes Conversion Option at fair value as of December 7, 2021, and at each subsequent reporting date. The filing also revealed a material weakness in the company’s internal controls over financial reporting. Following this, the stock price declined an additional 9%, closing at $3.19 on March 26, down from $3.51 the previous day.
Next Steps for Investors
Investors who purchased BigBear.ai securities during the relevant period may have legal options. Bleichmar Fonti & Auld LLP offers representation on a contingency fee basis, meaning there are no upfront costs and shareholders are not responsible for court expenses. Any fees or expenses would require court approval.
Interested parties can submit their information by visiting the firm’s dedicated case page at bfalaw.com/cases-investigations/bigbearai-holdings-inc or by contacting Ross Shikowitz directly at ross@bfalaw.com or by phone at 212-789-3619.
About Bleichmar Fonti & Auld LLP
Bleichmar Fonti & Auld LLP is an internationally recognized law firm specializing in securities class actions and shareholder litigation. The firm was ranked among the Top 5 plaintiff law firms by ISS SCAS in 2023. Its attorneys have received multiple accolades, including being named Titans of the Plaintiffs’ Bar by Law360 and SuperLawyers by Thomson Reuters.
Recent successes include recovering over $900 million from Tesla, Inc.’s Board of Directors and $420 million from Teva Pharmaceutical Industries Ltd. More information about the firm and its attorneys is available at bfalaw.com.
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