BENSALEM, Pa.–(BUSINESS WIRE)–Law Offices of Howard G. Smith reminds investors of the upcoming March 13, 2023 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased ESS Tech, Inc. (“ESS” or the “Company”) (NYSE: GWH) securities between August 11, 2022 and December 7, 2022, inclusive (the “Class Period”).
Investors suffering losses on their ESS investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
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.
If you purchased or otherwise acquired ESS securities during the Class Period, you may move the Court no later than March 13, 2023 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. 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 these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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