SAN DIEGO--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Eos Energy Enterprises, Inc. (NASDAQ: EOSE) securities between May 9, 2022 and July 27, 2023, both dates inclusive (the “Class Period”) have until October 2, 2023 to seek appointment as lead plaintiff in the Eos Energy class action lawsuit. Captioned Houck v. Eos Energy Enterprises, Inc., No. 23-cv-04113 (D.N.J.), the Eos Energy class action lawsuit charges Eos Energy as well as certain of its top current and former executive officers with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Eos Energy class action lawsuit, please provide your information here:
CASE ALLEGATIONS: Eos Energy purports to design, develop, manufacture, and market zinc-based energy storage solutions for utility-scale, microgrid, and commercial and industrial applications. On March 9, 2022, Eos Energy issued a press release titled “Eos Energy Enterprises Secures Record-Breaking Order from Bridgelink Commodities, LLC,” touting, among other things, that Bridgelink “has committed to purchase 240 MWh of energy storage capacity provided by Eos’s Znyth™ zinc-based technology.”
The Eos Energy class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Bridgelink is connected to a group whose assets were seized by a creditor and sold in an auction; (ii) as such, Bridgelink’s commitment and ability to purchase Eos Energy products was not as secure as Eos Energy had led investors to believe; (iii) as a result, Eos Energy’s backlog was overstated; and (iv) such backlog overstatement negatively impacts Eos Energy’s ability to secure a loan from the U.S. Department of Energy.
On July 27, 2023, Iceberg Research published a report titled “62% of $EOSE’s Backlog Is With Financially Distressed Bridgelink Whose Renewable Energy Assets Were Foreclosed And Auctioned Off In May,” which detailed that 62% of Eos Energy’s $535 million backlog is accounted for by Bridgelink and that Bridgelink’s assets were “recently seized by a creditor and sold in an auction.” On this news, the price of Eos Energy stock declined nearly 24%.
Then, later on July 27, 2023, Eos Energy responded to Iceberg Research’s report by telling investors that Eos Energy “believes that its customer, Bridgelink Commodities, LLC, is a separate legal entity which is not implicated in the legal matters highlighted in today’s statements” and that “[t]his customer, representing 45% of [Eos Energy’s] backlog, reconfirmed today that it continues to build pipeline and is actively seeking financing for energy storage projects covered by Eos [Energy]’s multi-year Master Supply Agreement.” On this news, the price of Eos Energy stock declined more than 14%, further damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Eos Energy securities during the Class Period to seek appointment as lead plaintiff of the Eos Energy class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Eos Energy class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Eos Energy class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Eos Energy class action lawsuit.
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