NEW YORK, Jan. 21, 2023 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of ESS Tech, Inc. (“ESS Tech” or the “Company”) GWH. Those investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, extension 7980.
The investigation concerns whether ESS Tech and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.
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On December 7, 2022, Grizzly Research published a report alleging that ESS Tech’s alleged partner, Energy Storage Industries Asia Pacific (“ESI”), is actually not a third party, but a company that relies entirely on ESS , without a real office, staff or running own business. The report alleges that ESS Tech, developer and manufacturer of utility-scale batteries for long-term electricity storage, concealed its relationship with ESI prior to announcing their partnership and concealed the fact that ESI is a de facto subsidiary of ESS, which was masked as a third party. Party customers and seduced investors with their partnership announcement to signal business success to investors.
As a result of this news, ESS Tech’s stock price fell $0.24 per share, or 7.7%, to close at $2.64 per share on December 7, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris and Tel Aviv, is recognized as one of the leading law firms specializing in corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, best known as Dean of the Class Bar Association, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he founded and fights for the rights of victims of securities fraud, fiduciary breaches and corporate wrongdoing. The firm has recovered numerous multi-million dollar claims on behalf of group members. See www.pomlaw.com
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