A securities class action has been filed in the USDC — NV. against Flux Power Holdings, Inc. (FLUX) (“Flux Power” or the “Company”), on behalf of all those that purchased or otherwise acquired Flux Power securities publicly traded on NASDAQ between November 11, 2022 and September 30, 2024, both dates inclusive (the “Class Period”).
Flux Power “designs, manufactures, and sells advanced lithium-ion energy storage solutions for electrification of a range of industrial and commercial sectors including material handling, airport ground support equipment (GSE), and stationary energy storage.”
The claim arises on September 30, 2024, after the market closed, when the Company filed with the SEC a notification of late filing on Form 12b-25 (the “Late Filing Notice”).
The complaint alleges that the Defendants made false and/or misleading statements and/or failed to disclose that:
(1) Flux Power’s financial statements from November 10, 2022 to the present included, among other things, overstated inventory, gross profit current assets, and total assets;
(2) Flux understated cost of sales, net loss;
(3) as a result, Flux Power would need to restate its previously filed financial statements from November 10, 2022 to the present;
(4) Flux Power understated internal control weaknesses or stated that it had adequate internal controls when in fact it did not; and
(5) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all times.
On this news, the price of Flux Power common stock fell by $0.18 per share, or 5.9%, to close at $2.86 on October 1, 2024.
If you purchased Flux Power securities during the class period and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information”.
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