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(NewMediaWire) - August 10, 2024 - Kaplan Fox & Kilsheimer LLP is investigating potential securities violations against Fluence Energy, Inc. (FLNC) (“Fluence” or the “Company”) (NASDAQ: FLNC).
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On February 22, 2024, Blue Orca Capital issued a report that alleges: “We are short Fluence Energy, Inc. (“Fluence” or the “Company”), because undisclosed to investors, the U.S. affiliate of its largest shareholder and corporate parent, Siemens, has a filed a lawsuit accusing Fluence of a laundry list of embarrassing and costly engineering and design failures, false representations, and most notably fraud.” The report further alleges “[u]ltimately, we think Fluence is facing a perfect storm of crushing lawsuits, angry customers, major shareholders withdrawing generous subsidies, massive insider dumping and a tidal wave of coming dilution.”
Following this news, the price of Fluence stock declined $2.28 per share, or over 13%, from a close of $17.01 per share on February 21, 2024 to close at $14.73 per share on February 22, 2024.
On August 7, 2024, Fluence disclosed in the Company’s quarterly filing with the U.S. Securities and Exchange Commission (“SEC”), that “the SEC is conducting a formal investigation and asking for certain information regarding the Company’s financial reporting.” Further, during the conference call held the next day, the Company’s CFO indicated that “based on the information the SEC has requested, we believe we are examining some of the topics raised in the short sellers’ report, such as revenue recognition policies and our previously disclosed material weakness.”
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If you have any questions about this investigation, please contact:
Pamela A. Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
