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  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
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  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

Kirby McInerney LLP Reminds Fluence Energy, Inc. (FLNC) Investors of Securities Class Action

The law firm of Kirby McInerney LLP reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of Virginia on behalf of those who acquired Fluence Energy, Inc. (“Fluence” or the “Company”) (NASDAQ: FLNC) securities during the period from November 29, 2023, through February 10, 2025 (“the Class Period”). Investors have until May 12, 2025, to apply to the Court to be appointed as lead plaintiff in the lawsuit.

[LEARN MORE ABOUT THE CLASS ACTION]

On February 22, 2024, Blue Orca Capital issued a report revealing that Siemens AG (“Siemens”) and The AES Corporation (“AES”) had been divesting their interest in Fluence and that Siemens Energy, Siemen’s U.S. affiliate, filed a lawsuit in November 2023 accusing Fluence of misrepresentations, breach of contract, and fraud. The Blue Orca report also revealed that while Fluence appeared to steadily move towards generating positive earnings, much of its sales and earnings growth were the result of aggressive revenue pull-forwards and selectively applied earnings adjustments. As a result, Fluence’s reported revenues were revealed to be unreliable and facing a sharp decline as a result of the diminishing support from Siemens and AES. On this news, the price of Fluence shares declined by $2.28 per share, or approximately 13%, from $17.01 per share on February 21, 2024, to close at $14.73 on February 22, 2024.

In response to the Blue Orca report, Fluence claimed that it "wrongly implies AES is moving away from Fluence as a supplier,” when “[i]n fact, Fluence continues to be AES’ preferred Battery Energy Storage Systems technology provider. Our robust pipelines of sales to other customers continues to grow.” Fluence further claimed that “[w]e believe the litigation with Siemens Energy has no effect on our strong relationship with Siemens AG.”

Then, on February 10, 2025, Fluence issued a press release announcing its financial results for the first quarter of its fiscal year 2025. Fluence reported a net loss of $57 million, or $0.32 per share, compared to a loss of $25.6 million, or $0.14 per share, for the same period in the prior year, with revenues falling 49% year-over-year to $186.8 million. For fiscal year 2025, Fluence lowered its revenue guidance to a range of $3.1 billion to $3.7 billion, from its prior outlook of $3.6 billion to $4.4 billion, and stated “[w]e have experienced customer-driven delays in signing certain contracts that, coupled with competitive pressures, result in the need to lower our fiscal year 2025 outlook.” On this news, the price of Fluence shares declined by $6.07 per share, or approximately 46%, from $13.07 per share on February 10, 2025, to close at $7.00 on February 11, 2025.

The complaint alleges that defendants, throughout the Class Period, failed to disclose that: (1) Fluence’s relationship with its founders and largest sources of revenue, Siemens AG and The AES Corporation, was poised to decline; (2) Siemens Energy, Siemens AG’s U.S. affiliate, had accused the Company of engineering failures and fraud; and (3) Fluence’s margins and revenue growth were inflated as Siemens and AES were moving to divest.

If you purchased or otherwise acquired Fluence securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or fill out the contact form below, to discuss your rights or interests with respect to these matters without any cost to you.

[CONTACT FORM]

Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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