Wolf Haldenstein Adler Freeman & Herz LLP is investigating potential securities fraud claims against Eos Energy Enterprises, Inc. (NASDAQ: EOSE)
NEW YORK, NY – August 1, 2023 – Wolf Haldenstein Adler Freeman & Herz LLP (“Wolf Haldenstein”), a preeminent national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors in Eos Energy Enterprises, Inc., (“Eos” or “the Company”) (NASDAQ: EOSE) for violations of federal securities laws.
All investors who purchased shares and incurred losses are advised to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774.
Wolf Haldenstein is investigating whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors.
Eos was originally incorporated on June 3, 2019, as a Special Purpose Acquisition Vehicle (“SPAC”) under the name B. Riley Principal Merger Corp., II. On November 16, 2020, upon completion of a business combination, the Company changed its name to Eos Energy Enterprises Inc. The Company designs, develops, manufactures and markets innovative zinc-based energy storage solutions for utility-scale, microgrid, and commercial & industrial (C&I) applications. The Company believes its batteries have the potential to emerge as a leading alternative to Lithium-ion batteries for such long-duration application.
On July 27, 2023, Iceberg Research published a report, which alleges that the Company’s 2.2 GWh energy storage system backlog, which it values at $535M is “fake.” The report claims that when it researched Bridgelink Commodities, which accounts for half the backlog, Iceberg “uncovered a group whose assets were recently seized by a creditor and sold in an auction.” Bridgelink apparently defaulted on the loan that was the basis for the seizure in May 2022.
Based on this news, shares of the Company declined from a close of $3.48 per share on July 26, 2023 down to $2.26 per share on July 28, 2023
The Company issued a rebuttal on July 27, 2023, in which the Company stated its belief “that is customer Bridgelink Commodities, LLC, is a separate legal entity which is not implicated in the legal matters highlighted in [the report].” Eos “reconfirmed today that [Bridgelink] continues to build its pipeline and is actively seeking financing for energy storage projects covered by Eos’s multi-year Master Supply Agreement.
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 classmember@whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774