Lead Plaintiff Deadline is March 13, 2023
NEW YORK, NY / ACCESSWIRE / January 19, 2023 / Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the District of Oregon on behalf of investors who purchased or otherwise acquired ESS Tech, Inc. ("ESS" or the
"Company") (NYSE:GWH) securities between August 11, 2022 and December 7, 2022, inclusive (the "Class Period").
All investors who purchased shares and incurred losses are advised to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses, you may, no later than March 13, 2023, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.
PLEASE CLICK HERE TO JOIN THE CASE
The filed complaint 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:
- 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;
- ESS misled investors with their partnership announcement to signal business success to investors; and
- 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
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.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at [email protected].
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected], [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774
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SOURCE: Wolf Haldenstein Adler Freeman & Herz LLP