The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed against Eos Energy Enterprises, Inc. (“Eos”) (NASDAQ: EOSE). The action charges Eos with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company’s business, operations, and prospects. As a result of Eos’s materially misleading statements and omissions to the public, Eos’s investors have suffered significant losses.
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LEAD PLAINTIFF DEADLINE: OCTOBER 2, 2023
CLASS PERIOD: MAY 9, 2022 THROUGH JULY 27, 2023
Kessler Topaz is one of the world’s foremost advocates in protecting the public against corporate fraud and other wrongdoing. Our securities fraud litigators are regularly recognized as leaders in the field individually and our firm is both feared and respected among the defense bar and the insurance bar. We are proud to have recovered billions of dollars for our clients and the classes of shareholders we represent.
EOS’S ALLEGED MISCONDUCT
On July 27, 2023, during market hours, market analyst Iceberg Research (“Iceberg”) published a report identifying several issues with Eos. Iceberg alleged, among other things, that the fate of Eos “rests on its touted 2.2 GWh energy storage system backlog”, and that the backlog “is fake.” Specifically, the report indicated that “Bridgelink Commodities, accounts for half of EOS’s backlog” 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 also 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.” Following this news, Eos’s stock price fell $0.83 per share, or 23.9%, to close at $2.65 per share on July 27, 2023.
Later that same day, after the market closed, Eos issued a press release attempting to address the issues that Iceberg reported. 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.” Following this news, Eos’s stock price fell $0.39 per share, or 14.7%, to close at $2.26 per share on July 28, 2023.
WHAT CAN I DO?
Eos investors may, no later than October 2, 2023, move the Court to serve as lead plaintiff for the class, through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Eos investors who have suffered significant losses to contact the firm directly to acquire more information. The class action complaint against Eos, Houck v. Eos Energy Enterprises, Inc., et al., Case No. 23-cv-04113, is filed in the United States District Court for the District of New Jersey before the Honorable Julien Xavier Neals.
CLICK HERE TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.