SAN FRANCISCO, Feb. 22, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges Fluence Energy, Inc. (NASDAQ: FLNC) investors who suffered substantial losses to submit your losses now.
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Fluence Energy, Inc. (NASDAQ: FLNC) Investigation:
The investigation concerns the adequacy of FLNC’s risk disclosures – an energy-storage joint venture of Siemens and power-plant developer AES that went public in 2021.
On Feb. 22, 2024, activist short seller Blue Orca issued a report alleging that FLNC had failed to disclose to investors that the U.S. affiliate of FLNC’s largest shareholder and corporate parent, Siemens, has filed a lawsuit accusing FLNC of a litany of embarrassing and costly engineering and design failures, false representations, and most notably fraud.
Blue Orca concluded that this bombshell lawsuit explains why FLNC’s largest shareholder, Siemens, has ceased to be major customer and has begun to sell its shares.
Based on an interview with a former FLNC employee, Blue Orca also claims that AES, FLNC’s other corporate parent and its largest customer, is frustrated with its current contract with FLNC and is eager to use its size and leverage to obtain better pricing. Blue Orca contends that AES can do so once it sells down a portion of its stake in FLNC, which it began doing in Dec. 2023.
Blue Orca further predicts that with the company’s historically heavy cash burn and diminishing support from its frustrated corporate parents, FLNC investors will be faced with a tidal wave of dilutive equity issuances as the Company seeks cash to shore up its shaky financials.
On this news, FLNC shares declined sharply.
“We are investigating whether FLNC may have concealed material risks from investors, including the Siemens lawsuit,” said Reed Kathrein, the Hagens Berman partner leading the firm’s investigation.
If you invested in FLNC and have substantial losses, or have knowledge that may assist the firm’s investigation, contact Hagens Berman now »
If you’d like more information and answers to frequently asked questions about the FLNC investigation, read more »
Whistleblowers: Persons with non-public information regarding FLNC 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 FLNC@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
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Contact:
Reed Kathrein, 844-916-0895
