Latest news with #Abramov
JAMnews
2 days ago
- Politics
- JAMnews
Cases of Georgian activists accused of drug possession: two freed, four await verdict
Cases of Georgian activists On 15 August, Tbilisi City Court judge Tamar Mchedlishvili acquitted 22-year-old activist Tedo Abramov and ordered his release from the courtroom. Abramov had been charged with drug possession, an offence that carries between 8 and 20 years in prison or even a life sentence. From the day of his arrest, Abramov and his lawyers insisted the case was fabricated and that the real reason behind his detention was his anti-government activity. He was among more than 60 people detained during pro-European rallies. Many in society, along with independent lawyers and civil society groups, consider them political prisoners. Other activists arrested at the same rallies are still awaiting verdicts, with most of their cases now in the final stages. Some have already been sentenced to prison. Tedo Abramov. Photo: Mindia Gabadze / Publica After eight months in custody, Abramov has been released. It is the second recent case in which a court has acquitted an activist accused of drug offences. Earlier, judge Romeo Tkeshelashvili cleared pro-European protester Giorgi Akhobadze. Although none of the protesters doubted the innocence of Tedo Abramov and Giorgi Akhobadze, their release still came as a surprise to government critics. In a country where hopes for fair trials in politically motivated cases are all but lost, acquittals remain a rare exception. At the same time, other activists arrested in similar politically motivated cases continue to receive prison sentences. In many instances, the verdicts are based on fabricated evidence and false witness testimony. What is the ruling Georgian Dream party trying to show by issuing acquittals in some political cases? And how do the cases of Akhobadze and Abramov differ from those of other activists who remain behind bars? The cases of Giorgi Akhobadze and Tedo Abramov Akhobadze and Abramov were both arrested on the same day, 7 December 2024. Akhobadze was detained at dawn while returning home from a rally. His car was stopped on Queen Tamar Avenue, and police searched and arrested him. Prosecutors charged him with possession of more than three grams of the drug alpha-PVP. That same day, just a few hours earlier, Tedo Abramov was arrested near his home. It was evening, and he was heading to a rally. According to the indictment, police claimed to have found 4.4 grams of MDMA in the front pocket of his jacket during a search. Both cases were investigated under Article 260 of Georgia's criminal code – large-scale possession of drugs. Giorgi and Tedo faced between 8 and 20 years in prison, or even a life sentence. They each spent eight months in unlawful detention. Other activists charged with drug possession and the familiar pattern in their cases Aside from the strikingly similar methods used by law enforcement, Giorgi's and Tedo's cases have nothing in common — they did not even know each other, and their prosecutions were unrelated. Giorgi Akhobadze. Photo: JAMnews Alongside Giorgi and Tedo, four other activists have been arrested on drug possession charges: Nika Katsia, Anton Chechin, Anastasia Zinovkina and Artem Gribul. Anastasia and Artem, a couple, were detained together and are being tried in the same case. In total, five separate cases against activists accused of drug possession have gone to court (two have already resulted in verdicts). The only thing uniting these people is their activism and active participation in pro-European rallies. They were detained either on their way to a protest or shortly after returning from one. Nika (Nikusha) Katsia, 42, is a former journalist. He was arrested near his home on the evening of 7 December as he headed to a rally. Police searched him on the street but found nothing. They then put him in a car and drove him away. He is accused of acquiring and possessing 14 grams of cocaine — the largest amount among those arrested on drug charges. In three of the five cases, the same prosecutor, Nugzar Chitadze, is leading the prosecution. In the other two — those of Giorgi Akhobadze and Anton Chechin — the prosecutor is Shmagi Gobejishvili. Anton Chechin, a Russian citizen from the Siberian city of Barnaul, moved to Georgia in April 2022. He had taken part in anti-Putin rallies in Russia and had been arrested multiple times. He also won a case against Russia at the European Court of Human Rights. Chechin was arrested on the morning of 3 December in the courtyard of his own home. He is accused of acquiring and possessing four grams of alpha-PVP. Chechin has health problems — a cyst on his head, which doctors suspect is a tumour and which requires constant monitoring. All five cases are strikingly similar. In every case, the arrests were based on 'intelligence information,' meaning police claimed to have received reports that the suspects were storing drugs. This meant officers knew in advance who they were targeting and why. Yet for some reason, in none of the cases were police able to record the arrests or searches on video — there is no neutral video evidence whatsoever. Arrest reports state that the suspects resisted, and that this was why filming was not carried out. Anastasia Zinovkina and Artem Gribul are also Russian citizens. Anastasia, 31, is a civic activist. Since 2012 she had taken part in anti-Putin protests in Russia, where she was repeatedly arrested. She was also an active supporter of Alexei Navalny. She arrived in Georgia in 2022, later moving to Armenia. Artem, 24, fled Russia to avoid mobilisation for the war in Ukraine. He initially went to Armenia, where he worked remotely in IT. It was there that he met Anastasia, and the couple later travelled to Georgia at the end of 2024, two months before their arrest. In Tbilisi, Anastasia and Artem handed out coffee and tea to protesters. They were arrested on 17 December. The couple had planned to move from Georgia to Europe, get married and start a family. They had already bought plane tickets. In three of the five cases, there was also no neutral witness present during the searches — such witnesses can be any passerby observing the arrest. Prosecutors argued it was impossible to stop someone on the street at the moment of the search. In two of the cases — those of Anton Chechin and the Russian couple — the 'neutral witness' was the interpreter who translated police statements to the defendants during their arrest. The interpreter works for Intellect Market LLC, a translation bureau that has long collaborated with Georgia's interior ministry. Since 2017, the company has provided translation services to the ministry and received more than 1 million lari from the state budget. None of the activists charged with drug possession have pleaded guilty. They all insist the drugs were planted by police and say their arrests were linked to the protests. Announcing the acquittals of Giorgi Akhobadze and Tedo Abramov, the judge said there was 'insufficient evidence' in both cases. 'The court delivered an acquittal due to the absence of evidence of proper quality,' Tbilisi City Court wrote in its identical rulings on the cases of Akhobadze and Abramov. What is the status of the remaining three cases? One of the latest hearings in the case of Nika (Nikusha) Katsia took place on 15 August — the same day judge Tamar Mchedlishvili acquitted Tedo Abramov. Mchedlishvili is also presiding over Kacia's trial, taking it on after finishing the Abramov case. On 15 August, prosecutors delivered their closing statement against Katsia. Next will come the closing arguments from the defence and the defendant himself, after which Mchedlishvili is expected to announce the verdict. The next hearing is scheduled for 26 August. The trial of Anastasia Zinovkina and Artem Gribul is also nearing its end. The judge in the case is Nino Galustashvili, known for handing down guilty verdicts. The examination of evidence has been completed, and the case has now moved to the stage of closing arguments. The most recent hearing in Anton Chechin's case was held on 8 August, when prosecutor Shmagi Gobejishvili delivered his closing statement. At the next hearing, scheduled for 25 August, the defence will present its closing arguments. After that, procedurally, only the verdict remains. The case is being heard by judge Jvebe Nachkebia. What questions do the acquittals raise? Two acquittals in a case involving more than 60 people — over 20 of whom have already been convicted — may seem like a drop in the ocean. Under the Georgian Dream government, however, they raise more questions than hope. From spring 2024 until the end of the year, 64 activists were arrested during protests. Ten were detained during the spring rallies. All of their cases have now been closed. Seven remain in prison: Fridon Bubuteishvili Giorgi Kuchashvili Davit Koldari Saba Meparishvili Omar Okribelashvili Giorgi Okmelashvili Irakli Megvinetukhutsesi Three have been released: Giorgi Shanidze (Shano) — pardoned by president Salome Zourabichvili; Andrei Rautberg — freed after signing a plea deal and paying a fine; Vazha Durglishvili — also freed under a plea deal with a suspended sentence. 'The regime is collapsing,' 'there's a rebellion inside the courts,' 'they're trying to hide something,' 'they're creating the illusion of judicial independence' — these and similar comments spread across social media after the acquittals. In the autumn, a second wave of arrests followed. Those cases are now in their final stages, with some verdicts already delivered. So far, prison sentences have been handed down to: Davit Khomeriki — 4 years and 6 months (15 August, judge Nino Galustashvili); Anatoli Gigaouri — 2 years (12 August, judge Jvabe Nachkebia); Davit Lomidze and Temur Zasokhashvili — 4 years and 6 months (8 August, judge Nino Galustashvili); Mzia Amaghlobeli — 2 years (6 August, judge Nino Nameshvili); Giorgi Mindadze — 5 years (3 July, judge Nino Galustashvili); Mate Devidze — 4 years and 6 months (12 June, judge Nino Galustashvili); Daniel Mumladze and Guram Khutashvili — 3 years (2 June, judge Lili Mskhiladze). On the same day Tedo Abramov was acquitted, another prisoner of conscience, Davit Khomeriki, who had been sentenced to 4 years and 6 months, was released. His case too contained multiple violations and a lack of 'high-quality evidence.' And on the day Giorgi Akhobadze was acquitted, just hours earlier, journalist Mzia Amaghlobeli had been sentenced to prison. Because courts continue to hand down guilty verdicts to innocent people, few believe that the acquittals of activists accused of drug offences are the result of fair trials alone. 'So far they've been acquitting those accused of drug crimes one after another. That means they admit that groundless arrests are routine for police. They admit police officers are criminals,' wrote philosopher Levan Gambashidze on social media after Abramov's acquittal. By law, an investigation should be opened into the police officers involved in the cases of the wrongfully accused Akhobadze and Abramov. No information has yet been made public on whether such an investigation has begun. News and events in Georgia
OC Media
5 days ago
- Politics
- OC Media
Georgian courts acquit protester and sentence another to 4.5 years
The Caucasus is changing — so are we. The future of journalism in the region is grim. Independent voices are under threat — and we're responding by building a newsroom powered by our readers. Join our community and help push back against the hardliners. Become a member Tbilisi City Court has acquitted Tedo Abramov, a protester who was detained during the ongoing anti-government protests on drug charges. A second protester, Davit Khomeriki, was found guilty on separate charges and sentenced to 4.5 years in prison. Both hearings took place on Friday, a few hours apart. Abramov, 22, was detained on 7 December as he was leaving home to attend a demonstration. The prosecution claimed that during a search, MDMA was found in his pocket, leading to criminal charges that carry a sentence of 8–20 years, or life in prison. He insisted police planted the drugs on him, with his lawyers insisting the case relied solely on the testimony of the arresting officers. According to RFE/RL, when delivering the verdict, Judge Tamar Mchedlishvili stated that police testimony 'cannot be accepted unequivocally'. Outside the court, Abramov was greeted with cheers from friends and supporters. 'No one plans to give up. There will be one more of us [free] and this will continue until all of us are free. We will bring this fight until the end, we will surely win and defeat this filthy system', Abramov told journalists outside the court. Before Khomeriki's verdict would be announced, he said that he was happy to hear Abramov was released. Advertisement 'I congratulate him for becoming free. Probably he is the freest person among all of us', he said. Khomeriki, 26, was accused of preparing a crime after police claimed that they found a Molotov cocktail in his bag on 2 December following his administrative detention at a protest. He also denied the charges against him, stating that police officers who had subjected him to both psychological and physical abuse during his arrest had lied in court. His defence argued that there was no evidence against him other than police testimony. 'I am very honoured', Khomeriki said, responding to the sentence announced by Judge Nino Galustashvili. After the verdict was announced, some of the family members and supporters in the court hall couldn't hold back their tears. 'What did this kid do, what did he explode, whom did he hit, what did he do? why is he in prison, this musician boy, why?' His mother Dedika Maisuradze said, leaving the courtroom upset and crying. Before being arrested, Khomeriki was playing guitar and was the vocalist of a rock band, The Sinners. He also opened a bar, which is now closed. 'I thought nine months was enough for them [Georgian Dream]. My boy is a free spirit. I have a wonderful boy. We will go through this together, we will survive this too', she later told journalists. Abramov is only the second person criminally detained during the ongoing protests to have been acquitted so far. On 6 August, Tbilisi City Court cleared Giorgi Akhobadze, who was also charged with a drug-related offense. The latest wave of protests in Georgia began on 28 November, when Georgian Dream announced the suspension of the country's EU membership bid. The first phase of demonstrations saw heavy clashes and brutal police violence against protesters and journalists. Hundreds of people have been detained, with criminal cases launched in over 50 instances. Several protesters have already been convicted and sentenced to years in prison. Their release — along with calls for new parliamentary elections — has become one of the demonstrators' central demands.
Associated Press
11-05-2025
- Business
- Associated Press
FLNC DEADLINE MONDAY: A Class Action was filed against Fluence Energy, Inc. for Securities Fraud – Contact BFA Law before May 12 Deadline (NASDAQ:FLNC)
NEW YORK, May 11, 2025 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that a lawsuit has been filed against Fluence Energy, Inc. (NASDAQ: FLNC) and certain of the Company's senior executives for potential violations of the federal securities laws. If you invested in Fluence Energy, you are encouraged to obtain additional information by visiting Investors have until May 12, 2025, to ask the Court to be appointed to lead the case. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors who purchased Fluence Energy common stock. The case is pending in the U.S. District Court for the Eastern District of Virginia and is captioned Abramov v. Fluence Energy, Inc., et al., No. 25-cv-00444. Why was Fluence Energy Sued for Securities Fraud? Fluence Energy offers energy storage products and solutions, delivery services, recurring operational and maintenance services, and digital applications and solutions for energy storage and other power assets. As alleged, Fluence Energy misrepresented the strength of its competitive position, sales pipeline, and backlog of orders. In reality, Fluence Energy concealed declines in its sales and earnings growth by engaging in aggressive revenue pull-forwards and selectively applied earnings adjustments. The Stock Declines as the Truth is Revealed On February 22, 2024, Blue Orca Capital issued a report revealing that Siemens Energy—an affiliate of one of the company's founders and largest sources of revenue—filed a lawsuit accusing Fluence Energy of misrepresentations, breach of contract, and fraud. The Blue Orca report also revealed that much of Fluence Energy's sales and earnings growth was the result of aggressive revenue pull-forwards and selectively applied earnings adjustments. Then, on February 10, 2025, Fluence Energy issued a press release announcing its financial results for Q1 2025. Fluence Energy reported a net loss of $57 million, or $0.32 per share, with revenues falling 49% year-over-year, and lowered its revenue guidance for the remainder of the year. According to Fluence Energy, '[w]e have experienced customer-driven delays in signing certain contracts that, coupled with competitive pressures, result in the need to lower our fiscal year 2025 outlook.' This news caused the price of Fluence Energy stock to decline 46%, to close at $7.00 per share on February 11, 2025. Click here if you suffered losses: What Can You Do? If you invested in Fluence Energy you may have legal options and are encouraged to submit your information to the firm. All representation is on a contingency fee basis, there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses. Submit your information by visiting: Or contact: Ross Shikowitz [email protected] 212-789-3619 Why Bleichmar Fonti & Auld LLP? Bleichmar Fonti & Auld LLP is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It was named among the Top 5 plaintiff law firms by ISS SCAS in 2023 and its attorneys have been named Titans of the Plaintiffs' Bar by Law360 and SuperLawyers by Thompson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.'s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd. For more information about BFA and its attorneys, please visit Attorney advertising. Past results do not guarantee future outcomes.
Business Upturn
03-05-2025
- Business
- Business Upturn
FLNC INVESTOR NOTICE: Robbins Geller Rudman & Dowd LLP Announces that Fluence Energy, Inc. Investors with Substantial Losses Have Opportunity to Lead Securities Class Action Lawsuit
SAN DIEGO, May 02, 2025 (GLOBE NEWSWIRE) — Robbins Geller Rudman & Dowd LLP announces that purchasers of Fluence Energy, Inc. (NASDAQ: FLNC) Class A common stock between October 28, 2021 and February 10, 2025, all dates inclusive (the 'Class Period'), have until May 12, 2025 to seek appointment as lead plaintiff of the Fluence Energy class action lawsuit. Captioned Kramer v. Fluence Energy, Inc. , No. 25-cv-00634 (E.D. Va.), the Fluence Energy class action lawsuit charges Fluence Energy as well as certain of Fluence Energy's top current and former executives with violations of the Securities Exchange Act of 1934. A previously filed complaint is captioned Abramov v. Fluence Energy, Inc. , No. 25-cv-00444 (E.D. Va.). If you suffered substantial losses and wish to serve as lead plaintiff of the Fluence Energy class action lawsuit, please provide your information here: You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at [email protected] . CASE ALLEGATIONS: Fluence Energy is a global provider of energy storage products and services and digital applications for renewable energy and storage. The Fluence Energy class action lawsuit alleges that defendants throughout the class period made false and/or misleading statements and/or failed to disclose that: (i) a material portion of Fluence Energy's energy storage products suffered from defective design, installation, operational, and/or maintenance issues; (ii) Fluence Energy had repeatedly failed to adequately address known product defects and installation errors, and/or failed to honor outstanding warranty obligations Fluence Energy owed to its customers; (iii) the efficacy and safety of Fluence Energy's energy storage products and Fluence Energy's ability to timely deliver projects to its customers' satisfaction had been materially overstated; (iv) as a result, Fluence Energy's adjusted EBITDA, adjusted gross profit, and adjusted gross profit margins were artificially inflated throughout the Class Period; and (v) consequently, Fluence Energy was exposed to material undisclosed risks of reputational and financial harm, including through loss of business from current and/or prospective clients. On December 20, 2023 Energy Storage News published an article revealing that Fluence Energy's work on its Diablo project had suffered from a 'litany of 'defects, deficiencies, and failures.'' The article detailed several alleged defects and chronic failures that plagued the Diablo project, including, inter alia , that: (i) Fluence Energy's project control system responded slowly or inaccurately, causing California's system operator to temporarily remove the project from the service markets; (ii) Fluence Energy's proprietary systems failed to function properly, requiring project owners to resort to alternative technologies not designed for that purpose, resulting in costly inefficiencies; (iii) Fluence Energy's inverters failed 27 times within a short 1-month period, just 2 months after project delivery; and (iv) the occurrence of 2 arc flashes created the risk of serious harm and injury. Beyond these significant defects, the article revealed that Fluence Energy had delivered the Diablo project approximately eight months after it was contractually due and repeatedly failed to timely address and resolve related warranty claims. On this news, the price of Fluence Energy Class A common stock fell more than 15%. Then, on February 22, 2024, Blue Orca Capital published a research report revealing that Fluence Energy had prematurely sold its sixth-generation technology before the design of the technology had been completed. The report disclosed that this failure had contributed to the operational mishaps that had occurred at Fluence Energy's installed projects, including the Diablo project. In addition, the research report revealed that a Siemens' affiliate, Siemens Energy Inc., had filed a lawsuit against Fluence Energy for fraud, misrepresentation, and a host of engineering and design failures with respect to a project located in Antioch, California. On this news, the price of Fluence Energy Class A common stock fell more than 13%. Thereafter, on November 25, 2024, Fluence Energy reported financial results for its fourth fiscal quarter and full year 2024 ('4Q24 Release'). The 4Q24 Release issued annual revenue guidance for fiscal 2025 of approximately $3.6 billion to $4.4 billion, representing year-over-year growth of approximately 48% at the midpoint of the range. The 4Q24 Release revealed that only 65% of Fluence Energy's fiscal 2025 revenue guidance (at the midpoint) was 'covered by the Company's current backlog,' indicating that Fluence Energy did not have sufficient work contracted and would need to secure additional new orders to meet its revenue targets. On this news, the price of Fluence Energy Class A common stock fell approximately 22% over a two-day trading period. Finally, on February 10, 2025, Fluence Energy reported financial results for its first fiscal quarter of 2025 ('1Q25 Release'). The 1Q25 Release revealed that Fluence Energy was reducing its fiscal 2025 revenue guidance from a range of $3.6 billion to $4.4 billion to a range of $3.1 billion to $3.7 billion, representing a reduction of approximately $600 million at the midpoint. The 1Q25 Release further revealed that the guidance revision was the result of ''customer driven delays'' in executing outstanding contracts and ''competitive pressures.'' The 1Q25 Release further revealed that quarterly revenue of $187 million significantly missed consensus estimates of $363 million by nearly 48%, representing a significant departure from the already muted expectations set by Fluence Energy's 'back-end loaded' revenue cadence disclosed during the prior quarter. On this news, the price of Fluence Energy Class A common stock fell more than 52% over a three-day trading period. The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud. You can view a copy of the complaint by clicking here. THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Fluence Energy Class A common stock during the class period to seek appointment as lead plaintiff in the Fluence Energy class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Fluence Energy class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Fluence Energy class action lawsuit. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Fluence Energy class action lawsuit. ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world's leading law firms representing investors in securities fraud and shareholder litigation. Our Firm has been ranked #1 in the ISS Securities Class Action Services rankings for four out of the last five years for securing the most monetary relief for investors. In 2024, we recovered over $2.5 billion for investors in securities-related class action cases – more than the next five law firms combined, according to ISS. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs' firms in the world, and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information: Past results do not guarantee future outcomes. Services may be performed by attorneys in any of our offices. Contact: Robbins Geller Rudman & Dowd LLP J.C. Sanchez, Jennifer N. Caringal 655 W. Broadway, Suite 1900, San Diego, CA 92101 800-449-4900 [email protected]
Associated Press
26-04-2025
- Business
- Associated Press
FLNC INVESTOR ALERT: Robbins Geller Rudman & Dowd LLP Announces that Fluence Energy, Inc. Investors with Substantial Losses Have Opportunity to Lead Securities Class Action Lawsuit
SAN DIEGO, April 26, 2025 (GLOBE NEWSWIRE) -- The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers of Fluence Energy, Inc. (NASDAQ: FLNC) Class A common stock between October 28, 2021 and February 10, 2025, both dates inclusive (the 'Class Period'), have until May 12, 2025 to seek appointment as lead plaintiff of the Fluence Energy class action lawsuit. Captioned Kramer v. Fluence Energy, Inc., No. 25-cv-00634 (E.D. Va.), the Fluence Energy class action lawsuit charges Fluence Energy as well as certain of Fluence Energy's top current and former executives with violations of the Securities Exchange Act of 1934. A previously filed complaint is captioned Abramov v. Fluence Energy, Inc., No. 25-cv-00444 (E.D. Va.). If you suffered substantial losses and wish to serve as lead plaintiff of the Fluence Energy class action lawsuit, please provide your information here: You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at [email protected]. CASE ALLEGATIONS: Fluence Energy is a global provider of energy storage products and services and digital applications for renewable energy and storage. The Fluence Energy class action lawsuit alleges that defendants throughout the class period made false and/or misleading statements and/or failed to disclose that: (i) a material portion of Fluence Energy's energy storage products suffered from defective design, installation, operational, and/or maintenance issues; (ii) Fluence Energy had repeatedly failed to adequately address known product defects and installation errors, and/or failed to honor outstanding warranty obligations Fluence Energy owed to its customers; (iii) the efficacy and safety of Fluence Energy's energy storage products and Fluence Energy's ability to timely deliver projects to its customers' satisfaction had been materially overstated; (iv) as a result, Fluence Energy's adjusted EBITDA, adjusted gross profit, and adjusted gross profit margins were artificially inflated throughout the Class Period; and (v) consequently, Fluence Energy was exposed to material undisclosed risks of reputational and financial harm, including through loss of business from current and/or prospective clients. On December 20, 2023 Energy Storage News published an article revealing that Fluence Energy's work on its Diablo project had suffered from a 'litany of 'defects, deficiencies, and failures.'' The article detailed several alleged defects and chronic failures that plagued the Diablo project, including, inter alia, that: (i) Fluence Energy's project control system responded slowly or inaccurately, causing California's system operator to temporarily remove the project from the service markets; (ii) Fluence Energy's proprietary systems failed to function properly, requiring project owners to resort to alternative technologies not designed for that purpose, resulting in costly inefficiencies; (iii) Fluence Energy's inverters failed 27 times within a short 1-month period, just 2 months after project delivery; and (iv) the occurrence of 2 arc flashes created the risk of serious harm and injury. Beyond these significant defects, the article revealed that Fluence Energy had delivered the Diablo project approximately eight months after it was contractually due and repeatedly failed to timely address and resolve related warranty claims. On this news, the price of Fluence Energy Class A common stock fell more than 15%. Then, on February 22, 2024, Blue Orca Capital published a research report revealing that Fluence Energy had prematurely sold its sixth-generation technology before the design of the technology had been completed. The report disclosed that this failure had contributed to the operational mishaps that had occurred at Fluence Energy's installed projects, including the Diablo project. In addition, the research report revealed that a Siemens' affiliate, Siemens Energy Inc., had filed a lawsuit against Fluence Energy for fraud, misrepresentation, and a host of engineering and design failures with respect to a project located in Antioch, California. On this news, the price of Fluence Energy Class A common stock fell more than 13%. Thereafter, on November 25, 2024, Fluence Energy reported financial results for its fourth fiscal quarter and full year 2024 ('4Q24 Release'). The 4Q24 Release issued annual revenue guidance for fiscal 2025 of approximately $3.6 billion to $4.4 billion, representing year-over-year growth of approximately 48% at the midpoint of the range. The 4Q24 Release revealed that only 65% of Fluence Energy's fiscal 2025 revenue guidance (at the midpoint) was 'covered by the Company's current backlog,' indicating that Fluence Energy did not have sufficient work contracted and would need to secure additional new orders to meet its revenue targets. On this news, the price of Fluence Energy Class A common stock fell approximately 22% over a two-day trading period. Finally, on February 10, 2025, Fluence Energy reported financial results for its first fiscal quarter of 2025 ('1Q25 Release'). The 1Q25 Release revealed that Fluence Energy was reducing its fiscal 2025 revenue guidance from a range of $3.6 billion to $4.4 billion to a range of $3.1 billion to $3.7 billion, representing a reduction of approximately $600 million at the midpoint. The 1Q25 Release further revealed that the guidance revision was the result of ''customer driven delays'' in executing outstanding contracts and ''competitive pressures.'' The 1Q25 Release further revealed that quarterly revenue of $187 million significantly missed consensus estimates of $363 million by nearly 48%, representing a significant departure from the already muted expectations set by Fluence Energy's 'back-end loaded' revenue cadence disclosed during the prior quarter. On this news, the price of Fluence Energy Class A common stock fell more than 52% over a three-day trading period. The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud. You can view a copy of the complaint by clicking here. THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Fluence Energy Class A common stock during the class period to seek appointment as lead plaintiff in the Fluence Energy class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Fluence Energy class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Fluence Energy class action lawsuit. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Fluence Energy class action lawsuit. ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world's leading law firms representing investors in securities fraud and shareholder litigation. Our Firm has been ranked #1 in the ISS Securities Class Action Services rankings for four out of the last five years for securing the most monetary relief for investors. In 2024, we recovered over $2.5 billion for investors in securities-related class action cases – more than the next five law firms combined, according to ISS. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs' firms in the world, and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information: Past results do not guarantee future outcomes. Services may be performed by attorneys in any of our offices. Contact: Robbins Geller Rudman & Dowd LLP J.C. Sanchez, Jennifer N. Caringal 655 W. Broadway, Suite 1900, San Diego, CA 92101 800-449-4900 [email protected]
