INVESTOR ALERT: Securities Class Action Filed Against New Era Energy & Digital, Inc. – Investors Encouraged to Contact Kirby McInerney LLP

NEW YORK--( BUSINESS WIRE)--The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed on behalf of investors who acquired New Era Energy & Digital, Inc. (“New Era” or the “Company”) (NASDAQ:NUAI) securities during the period of November 6, 2024 through December 29, 2025, inclusive (“the Class Period”).

If you suffered a loss on your New Era investments, you have until June 1, 2026 to request lead plaintiff appointment. Courts do not consider lead plaintiff applications submitted after this deadline. If you choose to take no action, you may remain an absent class member. For more information about the lawsuit:

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What Is This Lawsuit About? The lawsuit alleges that (1) the Company overstated its progress in its permitting and regulatory filings for its flagship Texas Critical Data Centers project; (2) the Company was involved in a fraudulent scheme “to pocket revenues from hundreds of oil and gas wells in New Mexico” by transferring wells among related entities and then placing liability-bearing companies into bankruptcy to avoid plugging and remediation costs; and (3) that, as a result, the Company's financial results were false and/or misleading.

On December 12, 2025, market research media outlet Fuzzy Panda Research published a report (the “FP Report”). The FP Report alleges, among other things, that “of NUAI’s 406 gas wells, 346 were acquired from companies that went bankrupt operating the very same wells, including 87 wells from the company E. Will Gray II was CEO of and bankrupted himself, Remnant Oil.” The FP Report states it “uncovered that Gray’s playbook includes financial tricks to enrich insiders, like converting related party loans to equity or paying fees to friends and family.” The FP Report further calls the Company’s pivot to fueling AI companies a “fantasy.” The FP Report alleges that, among other things, that despite the Company “telling investors it’s made significant progress” with its regulatory permitting, including the submission of air quality permits, “no applications have even been submitted.” The FP states that according to “Texas, New Mexico and Federal government databases for the construction and environmental permits that NUAI will need to start building its data centers and power plants” the Company had not submitted any of its required permits, “not even an application.” On this news, the price of New Era shares declined by $0.25 per share, or approximately 7%, from $3.60 per share on December 11, 2025 to close at $3.35 on December 12, 2025.

On December 29, 2025, a research firm named Hunterbrook Media reported that the New Mexico Attorney General filed a lawsuit against New Era, its subsidiary Solis Partners, LLC, and Gray, among others, (the “HBM Report”). The HBM Report publicized that New Mexico had recently filed a complaint alleging New Era, Gray, and a network of affiliated companies, had orchestrated a “fraudulent oil-and-gas scheme” to “siphon revenue from wells that produce fossil fuels while abandoning environmental cleanup obligations.” The HBM Report details how the complaint “alleges a broader pattern of fraudulent transfers, self-dealing, and false statements to regulators, including the use of shell entities and strategic bankruptcies to evade responsibility.” According to the HBM Report, the scheme reportedly involved the Company, Gray, and a network of affiliated companies transferring wells among related entities, including New Era and its subsidiary, Solis Partners “selling” wells to themselves, and then placing liability bearing companies into bankruptcy to avoid plugging and remediation costs. Reportedly, New Era was core to the scheme, in part by receiving and operating the most valuable gas wells, 87 in total, which were transferred from Acacia to Solis Partners, while leaving Acacia with the bulk of plugging and remediation liabilities. That transfer reportedly occurred in July 2021. According to the complaint, the defendants, including New Era, thus subsequently “received significant revenue (possibly into the millions of dollars) that they knew would otherwise be required to address” plugging and remediation costs. On this news, the price of New Era shares declined by $1.87 per share, or approximately 41%, from $4.56 per share on December 26, 2025 to close at $2.69 on December 29, 2025.

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The Lead Plaintiff Appointment Process. The federal securities laws permit any investor who acquired eligible securities during the class period to seek appointment as lead plaintiff in a class action lawsuit. Courts typically appoint the investor(s) with the largest financial loss in the case and the ability to represent the class rather than investors with simply the largest investment portfolio. Courts regularly appoint individual investors, whether acting alone or as a group, as lead plaintiffs. The rights of any investor who bought shares during the class period are generally already protected. However, lead plaintiffs have the power to influence case strategy and have a say in settlement decisions, as well as decisions concerning allocation of settlement funds among class members.

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What Should I Do? If you purchased or otherwise acquired New Era securities, have information, or would like to learn more about this investigation, please contact Lauren Molinaro of Kirby McInerney LLP by email at investigations@kmllp.com, or fill out the contact form below, to discuss your rights or interests with respect to these matters at no cost.

Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.

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