![]() ![]() In early 2016, Tesla’s stock price hovered around $30. Past results do not guarantee a similar outcome.It’s hard to make the argument that Tesla has not been among the best investments over the past five years. ![]() settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.Īttorney Advertising. To be notified if a class action against Stem, Inc. Since our inception, we have obtained over $1 billion for shareholders. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Shareholders pay no fees or expenses.Ībout Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions Robbins LLP does. For more information, click here.Īll representation is on a contingency fee basis. If you choose to take no action, you can remain an absent class member. You do not have to participate in the case to be eligible for a recovery. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Shareholders who want to act as lead plaintiff for the class must file their papers by July 11, 2023. What Now: Similarly situated shareholders may be eligible to participate in the class action against Stem, Inc. On this news, Stem’s stock price fell $1.44 per share, or 14.78%, to close at $8.30 per share on February 17, 2023-a 69.32% decline from the Company’s first post-merger closing stock price of $27.05 per share on April 29, 2021. Then, on February 16, 2023, Stem reported disappointing 4Q 2022 results and 2023 guidance. ![]() On January 11, 2023, Blue Orca Capital issued a report alleging various undisclosed issues with Stem’s business and financial prospects, including, among other things, that the Company had overstated its software revenues by falsely claiming that 100% of its services revenue line was attributable to software revenues. ![]() (STEM) Misled Investors in its Offering Documents in Connection with its MergerĪccording to the complaint, the Offering Documents and defendants made false and/or misleading statements and/or failed to disclose that: (i) Legacy Stem suffered from material weaknesses in internal control over financial reporting related to accounting for deferred cost of goods sold and inventory, certain revenue recognition calculations, and internal-use capitalized software calculations (ii) the Company had overstated Legacy Stem’s and its own post-merger business and financial prospects (iii) Stem’s software revenue did not make up 100% of the Company’s services revenue (iv) Stem had overstated the benefits expected to flow from its AP partnership and (v) as a result, the Offering Documents and defendants’ public statements throughout the class period were materially false and/or misleading and failed to state information required to be stated therein. and internationally.įor more information, submit a form, email Aaron Dumas, Jr., or give us a call (800) 350-6003. Stem purports to operate as a digitally connected and intelligent energy storage network provider in the U.S. (NYSE: STEM, STEM.WT, STPK.U) securities pursuant to the Offering Documents in connection with the Apmerger between Legacy Stem and Star Peak Energy Transition Corp. SAN DIEGO-( BUSINESS WIRE)- Robbins LLP reminds investors that a shareholder filed a class action on behalf of purchasers of Stem, Inc. ![]()
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