SAN FRANCISCO, Aug. 29, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges Fluence Energy, Inc. (NASDAQ: FLNC) investors who suffered substantial losses to submit your losses now. The firm also encourages persons with knowledge who may be able to assist in the investigation to contact its attorneys.
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Investigation into Fluence Energy, Inc. (FLNC):
Fluence Energy, a leading provider of battery energy storage systems, reported a decline in revenue for its third quarter 2024. The company attributed the shortfall to the postponement of two significant projects valued at $100 million and delays in the initiation of other contracted work.
CFO Ahmed Pasha explained the company’s financial performance will continue to be “lumpy,” reflecting its focus on a smaller number of high-value projects. This concentration strategy, while potentially lucrative, exposes the company to greater volatility in quarterly results.
The earnings announcement comes as Fluence continues to navigate a challenging regulatory environment. Last week, the company disclosed that the Securities and Exchange Commission has opened a formal investigation into its accounting practices, prompted by allegations of irregularities raised by activist short seller Blue Orca Capital earlier this year.
Fluence executives vehemently denied the short seller’s allegations, asserting that an internal investigation conducted with the assistance of outside counsel and forensic accountants found “zero merit” to the claims. However, the company has yet to publicly release the underlying report and findings of this inquiry.
While Fluence maintains that the SEC investigation is unlikely to materially impact its financial condition, the uncertainty surrounding the probe has cast a shadow over the company. Fluence shares continue to trade down by 25% since publication of the Blue Orca report.
Prominent shareholder rights firm Hagens Berman has initiated an investigation into Fluence’s accounting and financial reporting practices.
“The firm is exploring potential claims of inaccurate financial reporting to investors,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Fluence Energy and have substantial losses submit your losses now »
If you’d like more information and answers to frequently asked questions about the Fluence investigation, read more »
Whistleblowers: Persons with non-public information regarding Fluence Energy 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 firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
