The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of investors who purchased Fluence Energy, Inc. (“Fluence” or the “Company”) (NASDAQ: FLNC) common stock between November 29, 2023 to February 10, 2025, inclusive (the “Class Period”). Fluence investors have until May 12, 2025 to file a lead plaintiff motion.
IF YOU SUFFERED A LOSS ON YOUR FLUENCE ENERGY INVESTMENTS, CLICK HERE TO SUBMIT A CLAIM TO POTENTIALLY RECOVER YOUR LOSSES IN THE ONGOING SECURITIES FRAUD LAWSUIT.
You can also contact the Law Offices of Frank R. Cruz to discuss your legal rights by email at info@frankcruzlaw.com, by telephone at (310) 914-5007, or visit our website at www.frankcruzlaw.com.
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.
Contact Us To Participate or Learn More:
If you purchased Fluence common stock, wish to learn more about this action, or have any questions concerning this announcement or your rights or interests with respect to these matters, please click HERE or contact us at:
Law Offices of Frank R. Cruz
2121 Avenue of the Stars, Suite 800
Telephone: 310-914-5007
Email: info@frankcruzlaw.com
Visit our website at: www.frankcruzlaw.com
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250317643703/en/
Law Offices of Frank R. Cruz Encourages Fluence Energy, Inc. (FLNC) Investors To Inquire About Securities Fraud Class Action
Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz
310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com
