NEW YORK, November 23, 2021 (GLOBE NEWSWIRE) – Pomerantz LLP is investigating claims on behalf of investors of ESS Tech, Inc. (âESS Techâ or the âCompanyâ) (NYSE: GWH; GWH-WT) . These investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The purpose of the investigation is to determine whether ESS Tech and any of its officers and / or directors have engaged in securities fraud or other illegal business practices.
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On November 22, 2021, in a filing with the United States Securities and Exchange Commission, ESS Tech revealed that â[o]n November 22, 2021, the management of the Company and the audit committee of the board of directors of the Company (the âaudit committeeâ), after consultation with Marcum, concluded that the previously published audited balance sheet (i) of STWO as of September 21, 2020, as previously restated, as indicated in the current report on Form 8-K filed on September 25, 2020, (ii) the audited financial statements as of December 31, 2020 and for the period of July 21, 2020 ( creation) as at December 31, 2020, as previously restated, as indicated in the annual report on form 10-K / A filed on May 24, 2021, (iii) unaudited interim financial statements as at September 30, 2020 and for the period from 21 July, 2020 (inception) until September 30, 2020 as previously restated, as indicated in the quarterly report on Form 10-Q filed on November 16, 2020, (iv) unaudited interim financial statements as at March 31, 2021 and for the period from January 1, 2021 to March 31, 2021, as indicated in the quarterly report on Form 10-Q filed on May 24, 2021, and (v) unaudited interim financial statements as at June 30, 2021 and for the period from April 1, 2021 to June 30, 2021, as indicated in the quarterly report on Form 10-Q filed on May 24, 2021 (the âRelevant Periodâ) should no longer be relied on and should be restated to report Class A common shares as a liability, restate the statement of changes equity and restate EPS to allocate income and loss pro rata between the two classes of outstanding shares. Likewise, the report of the independent accounting firm registered on March 31, 2021, with the exception of the effects of the restatement discussed in note 2, the date of which is May 24, 2021, on the financial statements as of March 31, 2021. December 2020 and for the period from July 21, 2020 (creation date) to December 31, 2020, report of the independent chartered accountants firm registered on September 25, 2020 on the balance sheet as at September 21, 2020, and the registration statements , shareholder communications, investor presentations or other communications describing relevant parts of STWO’s financial statements for those periods should no longer be relied on. As such, the Company will restate its audited financial statements as at December 31, 2020 and for the period from July 21, 2020 to December 31, 2020, and will amend its Form 10-K / A as previously filed on May 24, 2021.. ”
On this news, the ESS Tech stock price fell sharply during intraday trading on November 23, 2021.
Pomerantz, with offices in New York, Chicago, Los Angeles and Paris, is recognized as one of the leading firms in the areas of corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, known as the Dean of the Class Actions Bar, Pomerantz was a pioneer in the field of securities class actions. Today, more than 80 years later, Pomerantz continues the tradition it established, fighting for the rights of victims of securities fraud, breach of fiduciary duty and professional misconduct. The firm has recovered numerous multi-million dollar damages on behalf of the members of the group. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext 7980