ATLANTA, May 15, 2023 (GLOBE NEWSWIRE) -- Holzer & Holzer, LLC reminds investors that a class action lawsuit has been filed against Stem, Inc. (“Stem” or the “Company”) (NYSE: STEM) f/k/a Star Peak Energy Transition Corp. The lawsuit alleges Stem made materially false and/or misleading statements and/or failed to disclose material adverse facts in its Offering Documents, and throughout the Class Period, including: (i) the Company’s predecessor, “Legacy Stem,” suffered from material weaknesses in internal control over financial reporting related to accounting for deferred cost of goods sold and inventory, certain revenue recognition calculations, and internal-use capitalized software calculations; (ii) the Company overstated Legacy Stem’s and its own post-Merger business and financial prospects; (iii) Stem’s software revenue did not make up 100% of the Company’s services revenue; (iv) Stem had overstated the benefits expected to flow from its Available Power partnership.
If you bought shares of Stem pursuant and/or traceable to the Offering Documents issued in connection with the merger consummated on April 28, 2021, or between March 4, 2021 and February 16, 2023 and you suffered a significant loss on that investment, you are encouraged to discuss your legal rights by contacting Corey Holzer, Esq. at cholzer@holzerlaw.com or Joshua Karr, Esq. at jkarr@holzerlaw.com, by toll-free telephone at (888) 508-6832 or you may visit the firm’s website at https://holzerlaw.com/case/stem/ to learn more.
The deadline to ask the court to be appointed lead plaintiff in the case is July 11, 2023.
Holzer & Holzer, LLC, an ISS top rated securities litigation law firm for 2021 and 2022, dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, including shareholder class action and derivative litigation. Since its founding in 2000, Holzer & Holzer attorneys have played critical roles in recovering hundreds of millions of dollars for shareholders victimized by fraud and other corporate misconduct. More information about the firm is available through its website, www.holzerlaw.com, and upon request from the firm. Holzer & Holzer, LLC has paid for the dissemination of this promotional communication, and Corey Holzer is the attorney responsible for its content.
CONTACT:
Corey Holzer, Esq.
(888) 508-6832 (toll-free)
cholzer@holzerlaw.com
