SAN FRANCISCO, Jan. 21, 2021 (GLOBE NEWSWIRE) -- Hagens Berman urges Eos Energy Enterprises, Inc. (NASDAQ: EOSE) investors to submit their losses now. The firm is investigating a potential securities fraud and certain investors may have valuable claims.
Eos Energy Enterprises, Inc. (EOSE) Investigation:
The firm is investigating whether Eos may have inaccurately disclosed its paying customers and certain investors may have valuable claims
Eos became a listed company during a November 2020 reverse merger with a special purpose acquisition company (“SPAC”). Before the merger, the company announced a flurry of customer commitments.
But on Jan. 14, 2021, analyst Iceberg Research published “EOS Energy ($EOSE); Fake Customers won’t Recharge a Dead Battery.” According to the report, the company paints a rosy scenario about the competitive prospects of its technology, while concealing that the company signed commitments with customers that likely cannot pay. Iceberg’s research into the three largest reported customers of Eos reveals that the largest has no relationship with the entity it, in turn, was supposed to supply. Similarly, the second largest customer is apparently not even funded, according to Iceberg.
Iceberg concludes “[w]e expect the dubious clients to be unable to pay” and estimates an imminent “90% downside from its current market cap of $1.4bn.”
Most recently, on Jan. 20, 2021, Iceberg published another report entitled “EOS Energy ($EOS) Just Admitted It Lied About Its Contracts” highlighting recent changes in the way Eos presents its “customers.” According to Iceberg “[t]his confirms our conclusion that EOS all these major contracts to promote the company before its SPAC merger, and attract […] retail investors,” “EOS’ representations are fundamentally misleading,” and “[t]hese contracts won’t be honoured as there is nothing legally binding to honour in the first place.”
“We’re focused on investor losses and whether Eos falsified its order book,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you are an Eos Energy investor, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Eos Energy should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email EOSE@hbsslaw.com.
About Hagens Berman
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Reed Kathrein, 844-916-0895