Latest news with #BlueOrcaCapital
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.
Yahoo
20-03-2025
- Automotive
- Yahoo
Chinese LiDAR maker rejects report backing U.S. claims it supplies China's military
BANGKOK (AP) — China's leading supplier of LiDAR technology has denied a report saying it has links to the Chinese military, as the company awaits a U.S. court's ruling on the U.S. government's decision to include it in a Defense Department list of suppliers to the Chinese military . Hesai is the industry's global leader in sales of laser sensors known as LiDAR and a major supplier to Chinese electric vehicle makers. Its Nasdaq-traded shares surged last week after it reported it had reached profitability. They fell about 10% on Tuesday after the stock research group Blue Orca Capital issued its report, which also accused the company of misleading investors. 'We are aware of the report published by short-seller Blue Orca Capital,' Hesai said in an emailed statement. 'Hesai is committed to stringent standards of business ethics and regulatory compliance. We strongly disagree with the allegations in the Blue Orca report and are of the view that they are without merit.' Hesai sued the U.S. government last year after was added to a Defense Department list of companies considered to have Chinese military connections. The company says it has no such links. According to court documents, a hearing was scheduled for Thursday in the District Court of the District of Columbia for Hesai's case against the Department of Defense. LiDAR is short for 'light detection and ranging.' It uses lasers in remote sensing to measure distances and surfaces around a device, supplementing information detected by cameras and other sensors. It's used in autonomous driving and other applications such as consumer robots and industrial automation. Hesai is the main supplier of LiDAR to Chinese automakers including BYD. It also was a supplier to Cruise, which General Motors GM bought in 2016 with high hopes of developing a profitable fleet of robotaxis. GM retreated from that venture late last year, after investing billions, saying it would develop partially automated driver-assist systems like its Super Cruise, which allows drivers to take their hands off the steering wheel. Hesai also supplies Amazon's Zoox robotaxi service, which is hoping to begin offering driverless rides to the general public in Las Vegas at some point this year before also launching in San Francisco. In the transcript of a recent earnings call, Hesai's CEO David Li said the U.S. government 'continued to falsely accuse us of associating with the Chinese military." 'We can state definitely that DOD has not accused Hesai of being owned or controlled by any military bodies, selling products to any military bodies or otherwise directly supporting any military bodies,' he said. Instead it asserts that Hesai supports Chinese 'military-civil fusion.' The Blue Orca report includes still images of tanks shown on the Chinese national broadcaster CCTV or in other state-run media and at industry exhibitions that appear to be equipped with Hesai LiDAR units, with close-ups showing the brand name on the devices. It also notes that U.S. President Donald Trump's comments describing Chinese technology companies with ties to the military as a threat to national security raise the risk that Hesai faces risks to its business and investments in the U.S. 'Ultimately, we do not think that U.S. authorities will permit a Chinese military company whose products are equipped on Chinese military vehicles to take advantage of the privilege of American capital markets,' it said. Hesai reported a 14 million yuan ($1.9 million) profit last year, reversing from a loss of 241 million yuan in 2023.
Yahoo
20-03-2025
- Automotive
- Yahoo
Chinese LiDAR maker rejects report backing U.S. claims it supplies China's military
BANGKOK (AP) — China's leading supplier of LiDAR technology has denied a report saying it has links to the Chinese military, as the company awaits a U.S. court's ruling on the U.S. government's decision to include it in a Defense Department list of suppliers to the Chinese military . Hesai is the industry's global leader in sales of laser sensors known as LiDAR and a major supplier to Chinese electric vehicle makers. Its Nasdaq-traded shares surged last week after it reported it had reached profitability. They fell about 10% on Tuesday after the stock research group Blue Orca Capital issued its report, which also accused the company of misleading investors. 'We are aware of the report published by short-seller Blue Orca Capital,' Hesai said in an emailed statement. 'Hesai is committed to stringent standards of business ethics and regulatory compliance. We strongly disagree with the allegations in the Blue Orca report and are of the view that they are without merit.' Hesai sued the U.S. government last year after was added to a Defense Department list of companies considered to have Chinese military connections. The company says it has no such links. According to court documents, a hearing was scheduled for Thursday in the District Court of the District of Columbia for Hesai's case against the Department of Defense. LiDAR is short for 'light detection and ranging.' It uses lasers in remote sensing to measure distances and surfaces around a device, supplementing information detected by cameras and other sensors. It's used in autonomous driving and other applications such as consumer robots and industrial automation. Hesai is the main supplier of LiDAR to Chinese automakers including BYD. It also was a supplier to Cruise, which General Motors GM bought in 2016 with high hopes of developing a profitable fleet of robotaxis. GM retreated from that venture late last year, after investing billions, saying it would develop partially automated driver-assist systems like its Super Cruise, which allows drivers to take their hands off the steering wheel. Hesai also supplies Amazon's Zoox robotaxi service, which is hoping to begin offering driverless rides to the general public in Las Vegas at some point this year before also launching in San Francisco. In the transcript of a recent earnings call, Hesai's CEO David Li said the U.S. government 'continued to falsely accuse us of associating with the Chinese military." 'We can state definitely that DOD has not accused Hesai of being owned or controlled by any military bodies, selling products to any military bodies or otherwise directly supporting any military bodies,' he said. Instead it asserts that Hesai supports Chinese 'military-civil fusion.' The Blue Orca report includes still images of tanks shown on the Chinese national broadcaster CCTV or in other state-run media and at industry exhibitions that appear to be equipped with Hesai LiDAR units, with close-ups showing the brand name on the devices. It also notes that U.S. President Donald Trump's comments describing Chinese technology companies with ties to the military as a threat to national security raise the risk that Hesai faces risks to its business and investments in the U.S. 'Ultimately, we do not think that U.S. authorities will permit a Chinese military company whose products are equipped on Chinese military vehicles to take advantage of the privilege of American capital markets,' it said. Hesai reported a 14 million yuan ($1.9 million) profit last year, reversing from a loss of 241 million yuan in 2023.
Associated Press
20-03-2025
- Automotive
- Associated Press
Chinese LiDAR maker rejects report backing U.S. claims it supplies China's military
BANGKOK (AP) — China's leading supplier of LiDAR technology has denied a report saying it has links to the Chinese military, as the company awaits a U.S. court's ruling on the U.S. government's decision to include it in a Defense Department list of suppliers to the Chinese military . Hesai is the industry's global leader in sales of laser sensors known as LiDAR and a major supplier to Chinese electric vehicle makers. Its Nasdaq-traded shares surged last week after it reported it had reached profitability. They fell about 10% on Tuesday after the stock research group Blue Orca Capital issued its report, which also accused the company of misleading investors. 'We are aware of the report published by short-seller Blue Orca Capital,' Hesai said in an emailed statement. 'Hesai is committed to stringent standards of business ethics and regulatory compliance. We strongly disagree with the allegations in the Blue Orca report and are of the view that they are without merit.' Hesai sued the U.S. government last year after was added to a Defense Department list of companies considered to have Chinese military connections. The company says it has no such links. According to court documents, a hearing was scheduled for Thursday in the District Court of the District of Columbia for Hesai's case against the Department of Defense. LiDAR is short for 'light detection and ranging.' It uses lasers in remote sensing to measure distances and surfaces around a device, supplementing information detected by cameras and other sensors. It's used in autonomous driving and other applications such as consumer robots and industrial automation. Hesai is the main supplier of LiDAR to Chinese automakers including BYD. It also was a supplier to Cruise, which General Motors GM bought in 2016 with high hopes of developing a profitable fleet of robotaxis. GM retreated from that venture late last year, after investing billions, saying it would develop partially automated driver-assist systems like its Super Cruise, which allows drivers to take their hands off the steering wheel. Hesai also supplies Amazon's Zoox robotaxi service, which is hoping to begin offering driverless rides to the general public in Las Vegas at some point this year before also launching in San Francisco. In the transcript of a recent earnings call, Hesai's CEO David Li said the U.S. government 'continued to falsely accuse us of associating with the Chinese military.' 'We can state definitely that DOD has not accused Hesai of being owned or controlled by any military bodies, selling products to any military bodies or otherwise directly supporting any military bodies,' he said. Instead it asserts that Hesai supports Chinese 'military-civil fusion.' The Blue Orca report includes still images of tanks shown on the Chinese national broadcaster CCTV or in other state-run media and at industry exhibitions that appear to be equipped with Hesai LiDAR units, with close-ups showing the brand name on the devices. It also notes that U.S. President Donald Trump's comments describing Chinese technology companies with ties to the military as a threat to national security raise the risk that Hesai faces risks to its business and investments in the U.S. 'Ultimately, we do not think that U.S. authorities will permit a Chinese military company whose products are equipped on Chinese military vehicles to take advantage of the privilege of American capital markets,' it said.
