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GWH.US
id: 550, Created by Stan Vick, Scout
ESS Tech Misleading Statements Case
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D. Oregon
Court23-CV-00050
Case numberOn 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.
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