Press release
Lawsuit filed for Investors in shares of ESS Tech, Inc. (NYSE: GWH)
A lawsuit was filed on behalf of investors in ESS Tech, Inc. (NYSE: GWH) shares over alleged securities laws violations.
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 mail@shareholdersfoundation.com 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.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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