BigBear.ai Holdings Inc. concealed accounting flaws which eventually forced it to restate figures dating back to its 2021 special purpose acquisition company merger and related transactions, a proposed class action said.
The artificial intelligence company’s stock dropped twice last month after it revealed it improperly accounted for convertible notes due to mature in December 2026, an investor told the US District Court for the Eastern District of Virginia.
After it completed series of business combinations in 2021, BigBear issued $200 million of those unsecured convertible notes, a form of company borrowing from investors which can be turned into equity down ...
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