NEW YORK, Sept. 07, 2023 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP notifies investors that a complaint has been filed on behalf of purchasers or acquirers of Eos Energy Enterprises, Inc. (“Eos” or the “Company”) (NASDAQ: EOSE) securities between May 9, 2022 and July 27, 2023, inclusive (the “Class Period”). Click Here to Join Investigation.
If you acquired Eos securities during the Class Period and would like to discuss this case, please click here. You may also contact us by emailing jcampisi@kaplanfox.com or calling (212) 329-8571.
If you are a member of the proposed Class, you may move the court no later than October 2, 2023 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process.
As alleged in the complaint, on July 27, 2023, Iceberg Research (“Iceberg”) published a report identifying several issues with Eos. According to the complaint, Iceberg alleged, among other things, that the fate of Eos “rests on its touted 2.2 GWh energy storage system backlog, which EOS valued at $535 million at the end of March 2023,” and that the backlog “is fake.” Additionally, the report indicates that “Bridgelink Commodities, accounts for half of EOS’s backlog” but that Iceberg decided to dig into this customer’s background and uncovered “a group whose assets were recently seized by a creditor and sold in an auction.” Iceberg also added that “[w]e wonder how EOS can still present Bridgelink as a major client” and that “EOS continues to include Bridgelink in its backlog, and is likely to have made the same representations when applying for the Department of Energy loan.” Iceberg concluded that its findings “completely undermine the authenticity of EOS Energy’s promoted backlog.”
Following this news, the price of Eos stock fell $0.83 per share, or 23.9%, to close at $2.65 per share on July 27, 2023.
The complaint further alleges that on July 27, 2023, after the market closed, Eos issued a press release to address the issues that Iceberg reported. Eos stated that “[t]he Company 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 the Company’s backlog, reconfirmed today that it continues to build pipeline and is actively seeking financing for energy storage projects covered by Eos’s multi-year Master Supply Agreement.” Eos also stated that “[t]he Company continues to progress through the Department of Energy (DOE) Loan Programs Office’s (LPO) process for its Title XVII loan and is awaiting a conditional approval decision which may be taking longer due to changes from the recent Interim Final Rule announced in May.”
Following this news, the price of Eos stock fell $0.39 per share, or 14.7%, to close at $2.26 per share on July 28, 2023.
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If you have any questions about this Notice, your rights, or your interests, please contact:
Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(212) 329-8571
E-mail: jcampisi@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
