NUAI Investor Alert: New Era Energy & Digital Securities Fraud Lawsuit - Investors With Losses May Seek to Lead the Class Action After Company Allegedly Overstated Permitting Progress: Levi & Korsinsky

Important Notice Regarding Alleged Permitting and Regulatory Filing Misrepresentations

NEW YORK, April 22, 2026 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in New Era Energy & Digital, Inc. (NASDAQ: NUAI) that a class action lawsuit has been filed on behalf of shareholders who purchased securities between November 6, 2024 and December 29, 2025. Find out if you qualify to recover losses. You may also contact Joseph E. Levi, Esq. at [email protected] or (212) 363-7500.

New Era Energy shares collapsed 41%, falling $1.87 per share to close at $2.69, after reports revealed the Company had allegedly fabricated its progress on critical permitting for its flagship data center project and was implicated in a fraudulent oil-and-gas scheme. The lead plaintiff deadline is June 1, 2026.

The Alleged Permitting Fabrication at the Heart of NUAI's AI Pivot

New Era Energy pitched investors on a bold transformation: pivoting from aging New Mexico gas wells to building a massive AI-powered data center campus in West Texas. The Company claimed it was "making tangible progress across all fronts including engineering, permitting, regulatory filings, and land expansion" and "highlighted significant progress on obtaining air permits." An investor presentation filed with the SEC in November 2025 labeled phase two regulatory permitting as "underway."

The lawsuit contends these representations were materially false. According to a December 2025 investigation by Fuzzy Panda Research, searches of Texas, New Mexico, and Federal government databases turned up "NOTHING" in the way of permit applications, "not even an application" to the Texas Commission on Environmental Quality for the air quality permit the Company claimed was progressing toward approval.

How the Alleged Oil-and-Gas Scheme Compounded Investor Harm

Beyond the data center permitting issues, the action alleges New Era Energy was involved in a scheme to siphon revenue from hundreds of oil and gas wells while evading environmental cleanup obligations. The complaint details how 346 of the Company's 406 gas wells were acquired from bankrupt entities, including 87 wells from a company previously led by the CEO that went bankrupt after hundreds of regulatory violations. Wells were allegedly transferred among related entities, with liability-bearing companies placed into strategic bankruptcy to avoid plugging and remediation costs.

Key Permitting Fraud Allegations for Shareholders

• The Company publicly claimed its Texas Critical Data Centers project was pursuing a minor source air permit that "can typically be approved within 90 days," but the lawsuit alleges no application was ever filed
• An SEC investor presentation in November 2025 labeled regulatory permitting as "underway" for the flagship project despite an alleged absence of any filings in government databases
• The Company touted capacity to "scale TCDC to 1 gigawatt" while allegedly lacking the foundational permits to begin construction
• Fuzzy Panda Research reported that experts stated the Company was "required to get an air permit" given its planned behind-the-meter operations, contradicting claims of streamlined approval
• The New Mexico Attorney General subsequently filed a separate lawsuit alleging a "fraudulent oil-and-gas scheme" involving the Company, its subsidiary, and its CEO

"This case presents important questions about permitting and regulatory disclosure obligations in the energy and data center infrastructure sector. When a company publicly represents that it is making tangible progress on critical government approvals, investors are entitled to rely on those statements being grounded in fact." -- Joseph E. Levi, Esq.

Submit your information to join this case or contact Joseph E. Levi, Esq. at [email protected] or (212) 363-7500.

ABOUT LEVI & KORSINSKY, LLP -- Over the past 20 years, Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders. The firm has extensive expertise in complex securities litigation and a team of over 70 employees. For seven consecutive years, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report. Applications to serve as lead plaintiff must be filed by June 1, 2026.

Frequently Asked Questions About the NUAI Lawsuit

Q: What is the NUAI class action lawsuit about? A: A securities class action has been filed against New Era Energy & Digital, Inc. (NASDAQ: NUAI) alleging materially false and misleading statements between November 6, 2024 and December 29, 2025. Shares fell approximately 41% after the truth was revealed, causing significant losses for shareholders.

Q: Who is eligible to join the NUAI investor lawsuit? A: Investors who purchased NUAI stock or securities between November 6, 2024 and December 29, 2025 and suffered financial losses may be eligible. Eligibility is based on purchase date and documented losses, not on whether you still hold the shares.

Q: How much did NUAI stock drop? A: Shares fell approximately 41%, a decline of $1.87 per share, after Hunterbrook Media reported the New Mexico Attorney General's lawsuit alleging a fraudulent oil-and-gas scheme. An earlier corrective disclosure on December 12, 2025 had already driven a 6.9% decline following a Fuzzy Panda report calling NUAI's pivot to AI fueling a "fantasy."

Q: What do NUAI investors need to do right now? A: Gather brokerage records including purchase dates, share quantities, and prices paid. Contact Levi & Korsinsky for a free, no-obligation evaluation at [email protected] or (212) 363-7500. No immediate action is required to remain eligible as a class member.

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: 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.

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.

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