Faruqi & Faruqi, LLP announced on April 12 that it is reminding investors in New Era Energy & Digital, Inc. (NASDAQ: NUAI) about the upcoming June 1, 2026 deadline to seek lead plaintiff status in a federal securities class action against the company.
The notice is significant for investors who purchased or acquired New Era securities between November 6, 2024 and December 29, 2025. The case alleges violations of federal securities laws by the company and its executives. According to Faruqi & Faruqi partner James (Josh) Wilson, “If you purchased or acquired securities in New Era between November 6, 2024 and December 29, 2025 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).”
The complaint claims that New Era overstated progress in regulatory filings for its Texas Critical Data Centers project and was involved in a fraudulent scheme related to oil and gas wells in New Mexico. It further alleges that these actions led to misleading financial results and positive statements about business prospects lacking reasonable basis.
On December 12, Investing.com reported that shares of New Era fell after short seller Fuzzy Panda Research released a report alleging the company spent significantly more on stock promotions than operating expenses for oil and gas wells. The report also questioned CEO E. Will Gray II’s history with penny stock companies. Following this news, shares dropped by nearly seven percent.
Later that month on December 29, media outlets reported that the New Mexico Attorney General filed a lawsuit against the company alleging use of shell companies to avoid environmental responsibilities tied to inactive wells. On this news, shares declined by forty-one percent.
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Faruqi & Faruqi encourages anyone with information regarding the company’s conduct—including whistleblowers—to contact them confidentially.
