LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz reminds investors of the upcoming May 12, 2025 deadline to participate as a lead plaintiff in the securities fraud class action lawsuit filed on behalf of investors who acquired Fluence Energy, Inc. (“Fluence” or the “Company”) (NASDAQ: FLNC) common stock between October 28, 2021 to February 10, 2025, inclusive (the “Class Period”).
IF YOU ARE AN INVESTOR WHO LOST MONEY ON FLUENCE ENERGY, INC. (FLNC), CLICK HERE TO PARTICIPATE IN THE SECURITIES FRAUD LAWSUIT.
What Happened?
On February 22, 2024, Blue Orca Capital published a report revealing that Fluence’s founders and largest sources of revenue, Siemens AG (“Siemens”) and The AES Corporation (“AES”) had been divesting their interest in Fluence and that the US affiliate of Siemens, Siemens Energy, had filed a lawsuit accusing Fluence of misrepresentations, breach of contract, and fraud. Additionally, the report stated that much of Fluence’s sales and earnings growth were the result of aggressive revenue pull-forwards and selectively applied earnings adjustments and, as a result, the Company’s reported revenues were unreliable and facing a sharp decline.
On this news, Fluence’s stock price fell $2.28, or 13.4%, to close at $14.73 per share on February 22, 2024, thereby injuring investors.
Then, on February 10, 2025, Fluence released its first quarter fiscal 2025 financial results, reporting a net loss of $57 million with revenues falling 49% year-over-year. The Company also significantly lowered its revenue guidance, stating that it “experienced customer-driven delays in signing certain contracts . . . coupled with competitive pressures[.]”
On this news, Fluence’s stock price fell $6.07, or 46.4%, to close at $7.00 per share on February 11, 2025, thereby injuring investors further.
What Is The Lawsuit About?
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors 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; (3) Fluence’s margins and revenue growth were inflated as Siemens and AES were moving to divest; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired Fluence common stock between October 28, 2021 to February 10, 2025, the deadline to seek appointment as the lead plaintiff in the securities fraud class action is May 12, 2025.
Contact Us To Participate or Learn More:
If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact us:
Frank R. Cruz
The Law Offices of Frank R. Cruz,
2121 Avenue of the Stars, Suite 800,
Century City, California 90067
Email us at: [email protected]
Call us at: 310-914-5007
Visit our website at www.frankcruzlaw.com
Follow us for updates on Twitter: twitter.com/FRC_LAW
If you inquire by email, please include your mailing address, telephone number, and number of shares purchased.
To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
[email protected]
www.frankcruzlaw.com
