ESS Tech Misleading Statements Case

The case has been dismissed, typically without any further action.

D. Oregon

Court

23-CV-00050

Case number

03/13/2023

Lead Plaintiff motion deadline

On December 7, 2022, Grizzly Research issued a report about ESS Tech (NASDAQ: GWH) entitled "Caught RedHanded-We Present Evidence that ESS Tech's Biggest Customer is Really an Undisclosed Related Party Without Operations".

The Report mostly was attributed to the announcement on August 11, 2022, where, ESS disclosed a "breakthrough partnership" under which ESS will initially supply 70 of its Energy Warehouse systems to an Australian company, Energy Storage Industries Asia Pacific (ESI).
The Report notes that the Company deliberately did not disclose its affiliation with a new partner to create a positive news reason for the growth of the company's capitalization. The report also calls into question the viability of the partnership itself from a business point of view.

In January 2022, the founder and president Craig Evans, CEO Eric Dresselhuys, and CFO Moftakhar Amir started selling their shares to the market.

If the facts appeared in the Grizzly report are true, Investors have all reasons to suspect that the Company and its Leaders misled shareholders about multiple material business matters.

Case Status

Dismissed

Alleged Offence

Mismanagement,

Misleading Statements,

Financial Misrepresentation,

Fraud,

Failure to Disclose,

Price manipulation,

Insider Trading,

Malpractice,

Negligence,

Breach of Fiduciary duty,

Omissions

Suspected Party

Directors,

Management,

Shareholder,

Investment Bank,

Service Provider

Security Type

Stocks

Trade Direction

Long

Shock Event Date

12/07/2022

Filing date

01/12/2023

Lead Plaintiff Deadline

03/13/2023