NEW YORK, Feb. 14, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of ESS Tech, Inc. (“ESS Tech” or the “Company”) (NYSE: GWH). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether ESS Tech and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On December 7, 2022, Grizzly Research issued a report alleging that ESS Tech’s purported partner, Energy Storage Industries Asia Pacific (“ESI”), is not actually a third party but an entity completely reliant on ESS without a real office, staff, or current business of its own. The report alleged that ESS Tech, developer and producer of utility-scale batteries for long duration storage of electricity, concealed its relationship with ESI before announcing their partnership, hid the fact that ESI is a de-facto subsidiary of ESS masking as a third-party client, and misled investors with their partnership announcement to signal business success to investors.
On this news, ESS Tech’s stock price fell $0.24 per share, or 7.7%, to close at $2.64 per share on December 7, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
