San Diego, CA -- (SBWIRE) -- 08/17/2023 -- An investor, who purchased shares of Eos Energy Enterprises, Inc. (NASDAQ: EOSE), filed a lawsuit over alleged Securities Laws violations by Eos Energy Enterprises, Inc.

Investors who purchased shares of Eos Energy Enterprises, Inc. (NASDAQ: EOSE) have certain options and for certain investors are short and strict deadlines running. Deadline: October 02, 2023. NASDAQ: EOSE investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Edison, NJ based Eos Energy Enterprises, Inc. designs, manufactures, and markets zinc-based energy storage solutions for utility, commercial and industrial, and microgrid markets in the United States. On July 27, 2023, during market hours, Iceberg Research ("Iceberg") published a report titled "62% Of $Eose's Backlog Is With Financially Distressed Bridgelink Whose Renewable Energy Assets Were Foreclosed And Auctioned Off In May." Therein, Iceberg alleged that, while the fate of Eos "rests on its touted 2.2 GWh energy storage system backlog, which EOS valued at $535 million at the end of March 2023," the backlog "is fake." Iceberg elaborated that "Bridgelink Commodities, accounts for half of EOS's backlog by MWh or ~62% ($331 million) of its total dollar value" but that Iceberg "decided to dig into this customer's background and uncovered a group whose assets were recently seized by a creditor and sold in an auction." Iceberg added that "[w]e wonder how EOS can still present Bridgelink as a major client" and that "EOS continues to include Bridgelink in its backlog, and is likely to have made the same representations when applying for the Department of Energy loan." Iceberg concluded that its findings "completely undermine the authenticity of EOS Energy's promoted backlog."

On July 27, 2023, after the market closed, Eos Energy Enterprises, Inc issued a press release titled "Eos Energy Enterprises Provides Preliminary Results & Issues Statement Regarding Its Customer Commitments and Backlog." Therein, the Company attempted to address the issues that Iceberg identified. Eos stated that "[t]he Company believes that its customer, Bridgelink Commodities, LLC, is a separate legal entity which is not implicated in the legal matters highlighted in today's statements" and that "[t]his customer, representing 45% of the Company's backlog, reconfirmed today that it continues to build pipeline and is actively seeking financing for energy storage projects covered by Eos's multi-year Master Supply Agreement." Eos also stated that "[t]he Company continues to progress through the Department of Energy (DOE) Loan Programs Office's (LPO) process for its Title XVII loan and is awaiting a conditional approval decision which may be taking longer due to changes from the recent Interim Final Rule announced in May."

Shares of Eos Energy Enterprises, Inc. (NASDAQ: EOSE) declined from $5.665 per share on June 29, 2023, to as low as $1.24 per share on July 27, 2023.

The plaintiff claims that between May 9, 2022 and July 27, 2023, the defendants failed to disclose to investors that Bridgelink Commodities, LLC ("Bridgelink") is connected to a group whose assets were seized by a creditor and sold in an auction, that, as such, Bridgelink's commitment and ability to purchase Eos products was not as secure as Eos had led investors to believe, that, as such, Eos's backlog was overstated, that such overstatement negatively impacts Eos's ability to secure a loan from the Department of Energy, and that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Those who purchased shares of Eos Energy Enterprises, Inc. (NASDAQ: EOSE) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About The Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.