NUAI Investor Alert: New Era Energy & Digital Securities Fraud Lawsuit - Investors With Losses May Seek to Lead the Class Action After CEO Allegedly Certified False Statements: Levi & Korsinsky

Important Information Regarding Section 20(a) Individual Liability Claims

NEW YORK, May 27, 2026 /PRNewswire/ - Levi & Korsinsky, LLP alerts investors in New Era Energy & Digital, Inc. (NASDAQ: NUAI) of a pending securities class action. Class Period: November 6, 2024 through December 29, 2025. Find out if you qualify to recover losses or contact Joseph E. Levi, Esq. at [email protected] | (212) 363-7500.

Two senior officers of New Era Energy are named as individual defendants in a securities class action filed in the United States District Court for the Western District of Texas. Shares lost 41%, or $1.87 per share, following corrective disclosures. To be considered for lead plaintiff, investors must file by June 1, 2026.

The Named Individual Defendants

The complaint identifies Everett Willard Gray II and Michael J. Rugen as individual defendants based on their roles controlling New Era Energy's public statements and SEC filings during the Class Period:

• Everett Willard Gray II served as Chairman and CEO throughout the Class Period and assumed the additional role of CFO on June 1, 2025, making him the sole executive officer signing both operational press releases and financial certifications during the latter half of the Class Period
• Michael J. Rugen served as CFO from November 2023 through May 31, 2025, during which time he was responsible for the Company's financial reporting, including asset retirement obligation disclosures in the FY24 10-K and Q1 2025 10-Q
• Both defendants possessed the power and authority to control the contents of SEC filings, press releases, and investor presentations
• Both defendants had access to material non-public information and allegedly knew that adverse facts had not been disclosed to the investing public

Section 20(a) Control Person Framework

Section 20(a) of the Securities Exchange Act of 1934 imposes liability on individuals who "controlled" a company that violated federal securities laws. The complaint asserts that Gray and Rugen, by virtue of their executive positions, directed the content of SEC filings, approved press releases, and had authority to prevent the issuance of misleading statements or cause them to be corrected. Gray's dual role as both CEO and CFO from June 2025 onward concentrated disclosure authority in a single individual.

Sarbanes-Oxley Certification Obligations

Under Sections 302 and 906 of the Sarbanes-Oxley Act, certifying officers personally attest that SEC filings do not contain untrue statements of material fact or omit material facts necessary to avoid misleading investors. The action contends that certifications accompanying the FY24 10-K and each quarterly 10-Q filing during the Class Period were false when made, given that the Company allegedly overstated permitting progress for the Texas Critical Data Centers project and failed to disclose its alleged involvement in a fraudulent oil-and-gas well transfer scheme.

"Corporate officers have a duty to ensure their companies' public statements are accurate and complete. When executives sign Sarbanes-Oxley certifications, they assume personal responsibility for the truthfulness of every material representation in those filings." -- Joseph E. Levi, Esq.

Submit your information to join the recovery or call (212) 363-7500.

Levi & Korsinsky, LLP -- Top 50 securities litigation firm (ISS, seven consecutive years). Over 70 professionals. Hundreds of millions recovered.

Frequently Asked Questions About the NUAI Lawsuit

Q: Who are the defendants named in the NUAI lawsuit? A: The complaint names New Era Energy & Digital, Inc. and individual defendants including Everett Willard Gray II (CEO/CFO) and Michael J. Rugen (former CFO), who signed SEC filings and certified financial disclosures under Sarbanes-Oxley.

Q: What specific misstatements does the NUAI lawsuit allege? A: The complaint alleges New Era Energy made materially false or misleading statements regarding its permitting progress for the Texas Critical Data Centers project and failed to disclose an alleged fraudulent oil-and-gas scheme involving well transfers and abandoned environmental obligations. When the true state was revealed, the stock price declined sharply.

Q: What is a lead plaintiff and why does it matter? A: A lead plaintiff is the investor appointed by the court to represent the entire class. Lead plaintiffs are typically investors with the largest documented losses. Being appointed does not increase individual recovery but gives direct oversight of how the case is run.

Q: How do I know if I lost enough money to be the lead plaintiff? A: There is no minimum loss threshold. Courts appoint the investor with the largest provable loss who is willing and able to represent the class adequately. Contact Levi & Korsinsky before June 1, 2026 to evaluate.

Q: What does it cost me to participate? A: Nothing. Securities class actions are handled on a pure contingency basis. No upfront fees, no retainer, no out-of-pocket costs.

Q: Do I need to go to court or give testimony? A: No. The overwhelming majority of class members never appear in court or give depositions. You submit a claim form to receive your portion of recovery.

Q: What if I already sold my NUAI shares -- can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold them. Investors who bought during the Class Period and sold at a loss may still participate.

CONTACT:

Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
[email protected]
Tel: (212) 363-7500
Fax: (212) 363-7171

SOURCE Levi & Korsinsky, LLP