A securities class action has been filed in the USDC – E.D.VA. against Fluence Energy, Inc. (FLNC) (“Fluence” or the “Company”), on behalf of all persons and entities that purchased or otherwise acquired Fluence common stock between November 29, 2023, and February 10, 2025, both dates inclusive (the “Class Period”).
Fluence purports to be a global market leader delivering intelligent energy storage and optimization software for renewables and storage. The Company conducts its business operations through Fluence Energy, LLC and its direct and indirect subsidiaries. Fluence Energy, LLC was formed as a joint venture between Siemens Industry, Inc. (“Siemens Industry”), an indirect subsidiary of Siemens AG (“Siemens”), and AES Grid Stability, LLC (“AES Grid Stability”), an indirect subsidiary of The AES Corporation (“AES”).
The complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material facts, including 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) based on the foregoing, Defendants lacked a reasonable basis for their positive statements related to Fluence’s battery energy storage business, as well as related financial results, growth, and prospects.
On this news, the price of Fluence common stock dropped by 13%, or $2.28 per share, from a closing price of $17.01 per share on February 21, 2024 to $14.73 per share on February 22, 2024.
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