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GWH.US
id: 550

ESS Tech Misleading Statements Case

D. Oregon
Court
23-CV-00050
Case number
13 Mar 2023
Lead Plaintiff motion deadline
On December 7, 2022, Grizzly Research issued a report about ESS Tech (NASDAQ: GWH) entitled "Caught RedHanded-We Present Evidence that ESS Tech's Biggest Customer is Really an Undisclosed Related Party Without Operations".

  • The Report mostly was attributed to the announcement on August 11, 2022, where, ESS disclosed a "breakthrough partnership" under which ESS will initially supply 70 of its Energy Warehouse systems to an Australian company, Energy Storage Industries Asia Pacific (ESI).
  • The Report notes that the Company deliberately did not disclose its affiliation with a new partner to create a positive news reason for the growth of the company's capitalization. The report also calls into question the viability of the partnership itself from a business point of view.
In January 2022, the founder and president Craig Evans, CEO Eric Dresselhuys, and CFO Moftakhar Amir started selling their shares to the market.

If the facts appeared in the Grizzly report are true, Investors have all reasons to suspect that the Company and its Leaders misled shareholders about multiple material business matters.
Case Status
Lead Plaintiff Appointed
Alleged Offence
Mismanagement
Misleading Statements
Financial Misrepresentation
Fraud
Failure to Disclose
Price manipulation
Insider Trading
Malpractice
Negligence
Breach of Fiduciary duty
Omissions
Suspected Party
Directors
Management
Shareholder
Investment Bank
Service Provider
Security Type
Stocks
Trade Direction
Long
Shock Event Date
07 December 2022
Filing date
12 January 2023
Lead Plaintiff Deadline
13 March 2023
Collecting participants…

ESS Tech Inc

ESS Tech, Inc., an energy storage company, designs and produces iron flow batteries for commercial and utility-scale energy storage applications worldwide. It offers energy storage products, which ...

    Ticker
    GWH.US
    ISIN
    US26916J1060
    CIK
    1819438
    Sector
    Industrials
    Industry
    Electrical Equipment & Parts
    Country
    USA
    Address
    Building 83, Wilsonville, OR, United States, 97070