The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against ESS Tech, Inc. (GWH)
March 10, 2023 at 09:00 AM EST
The Law Offices of Frank R. Cruz reminds investors of the upcoming March 13, 2023 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired ESS Tech, Inc. (“ESS” or the “Company”) (NYSE: GWH) securities between August 11, 2022 and December 7, 2022, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
On December 7, 2022, Grizzly Research published a report which alleged, among other things, that ESS’s largest partner, Energy Storage Industries Asia Pacific (“ESI”), is a related party with no real staff, office, or any relevant ongoing business activity. Furthermore, the report claimed that the Company concealed the fact that ESI was a de-facto subsidiary, not a true third party.
On this news, ESS’s stock price fell $0.22, or 7.7%, to close at $2.64 per share on December 7, 2022, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the purported agreement with ESI was in fact an undisclosed related party transaction because ESI was a de-facto subsidiary of ESS masquerading as third-party client; (2) ESS misled investors with their partnership announcement to signal business success to investors; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased or otherwise acquired ESS securities during the Class Period, you may move the Court no later than March 13, 2023 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.