SAN FRANCISCO, Jan. 14, 2021 /PRNewswire/ — Hagens Berman urges Eos Energy Enterprises, Inc. (NASDAQ: EOSE) investors to submit their losses now. The firm is investigating a potential securities fraud.
Eos Energy Enterprises, Inc. (EOSE) Investigation:
The firm is investigating whether Eos may have inaccurately disclosed its paying customers and certain investors may have valuable claims
Eos became a listed company during a November 2020 reverse merger with a special purpose acquisition company («SPAC»). Before the merger, the company announced a flurry of customer commitments.
But on Jan. 14, 2021, analyst Iceberg Research published «EOS Energy ($EOSE); Fake Customers won’t Recharge a Dead Battery.» According to the report, the company paints a rosy scenario about the competitive prospects of its technology, while concealing that the company signed commitments with customers that likely cannot pay. Iceberg’s research into the three largest reported customers of Eos reveals that the largest has no relationship with the entity it, in turn, was supposed to supply. Similarly, the second largest customer is apparently not even funded, according to Iceberg.
Iceberg concludes «[w]e expect the dubious clients to be unable to pay» and estimates an imminent «90% downside from its current market cap of $1.4bn.»
«We’re focused on investor losses and whether Eos misrepresented its order book,» said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you are an Eos Energy investor, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Eos Energy should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email mailto:EOSE@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895
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SOURCE Hagens Berman Sobol Shapiro LLP