A lawsuit was filed on behalf of investors in ESS Tech, Inc. (NYSE: GWH) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 01/24/2023 -- An investor, who purchased shares of ESS Tech, Inc. (NYSE: GWH), filed a lawsuit over alleged violations of Federal Securities Laws by ESS Tech, Inc.
Investors who purchased shares of ESS Tech, Inc. (NYSE: GWH) have certain options and for certain investors are short and strict deadlines running. Deadline: March 13, 2023. NYSE: GWH investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
ESS Tech, Inc., an energy storage company, designs and produces iron flow batteries for commercial and utility-scale energy storage applications worldwide.
On December 7, 2022, Grizzly Research issued a report alleging ESS Tech, Inc's partnership with Energy Storage Industries Asia Pacific ("ESI") is not actually a third party but an entity completely reliant on ESS without a real office, staff, or current business. The report alleged that ESS Tech, Inc., developer and producer of utility-scale batteries for long duration storage of electricity, concealed its relationship with ESI before announcing their partnership, hid the fact that ESI is a de-facto subsidiary of ESS Tech, Inc. masking as a third-party client, and misled investors with their partnership announcement to signal business success to investors.
Shares of ESS Tech, Inc. (NYSE: GWH) declined to as low as $2.02 per share on December 27, 2022.
The plaintiff claims that between August 11, 2022 and December 7, 2022, the defendants made false and/or misleading statements and/or failed to disclose that the purported agreement with Energy Storage Industries Asia Pacific ("ESI") was in fact an undisclosed related party transaction because ESI was a de-facto subsidiary of ESS masquerading as third-party client, that ESS Tech, Inc. misled investors with their partnership announcement to signal business success to investors, and that as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Those who purchased shares of ESS Tech, Inc. (NYSE: GWH) have certain options and should contact the Shareholders Foundation.
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