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FLUX.US
id: 1381
Flux Power Holdings (FLUX) Misstatement of Financial Controls Case
D. Nevada
Court2:24-cv-02051
Case number11/11/2022
Class period Start09/30/2024
Class period End12/31/2024
Lead Plaintiff motion deadline- $FLUX shareholders filed a claim against Flux Power for failing to properly report its financial controls and exaggerating its assets.
- Following the disclosure on September 5, 2024, $FLUX fell by over 5%.
- $FLUX investors can join this case to be notified about potential recovery.
Case Details
On September 5, 2024, Flux Power disclosed significant errors in past financial reports, including $1.2 million in outdated inventory that was incorrectly recorded and other misclassified items.
Flux Power acknowledged its financial controls were ineffective and announced plans to restate previous reports, citing a lack of resources to maintain accurate accounting.
On October 1, 2024, after failing to meet deadlines for filing the revised financial statements, $FLUX fell by nearly 6%, raising concerns that its ongoing financial control issues could jeopardize its NASDAQ listing.
Based on these events, $FLUX shareholders filed a claim against Flux Power, accusing it of:
- That the company hid significant weaknesses in its financial control processes.
- That the company overstated inventory, gross profits, and assets in its financial reports.
- That the company misled investors about its financial stability.
Investors believe Flux Power failed to accurately report its financial controls and inflated its assets.
Case Status
Lead Plaintiff Submission
Alleged Offence
Mismanagement,
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
09/05/2024
Filing date
11/01/2024
Lead Plaintiff Deadline
12/31/2024
Judge
Cristina D. Silva