Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Jan. 11, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Stem, Inc. (“Stem” or “the Company”) (NYSE: STEM) investors that the firm has initiated an investigation into possible securities fraud and may file a class action on behalf of investors. Super Micro investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On January 11, 2023, Blue Orca Capital published a short report containing multiple allegations, among which is the claim that STEM is secretly financing its main customer to buy energy storage systems from STEM, instead of the customer buying it on its own. The report asserts that this is not a sign of STEM's ability to compete for large-scale projects, but rather a result of STEM covertly funding the purchase.
The report also raises doubts about the revenue generated by STEM's software services. According to the report, most of this revenue comes not from software but from an old business where STEM rents hardware to customers in "host customer arrangements". These agreements, which STEM is phasing out, are similar to hardware leases with only a small software and service component. However, STEM is trying to claim that all revenue from these contracts is from software, despite the fact that STEM does not own most of the systems being leased, 87% of them are owned by special purpose vehicles that STEM does not control, yet STEM uses accounting tricks to claim the revenue as its own.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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