SAN DIEGO, June 27, 2024 (GLOBE NEWSWIRE) -- The Law Office of Johnson Fistel, LLP, continues to investigate the following companies for potential securities fraud on behalf of shareholders affected by the recent stock drop.
Investors who incurred losses in their investments please contact Jim Baker (jimb@johnsonfistel.com) by email or phone at 619-814-4471. If emailing, please include a phone number.
Fluence Energy, Inc. (NASDAQ: FLNC)
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On February 22, 2024, Blue Orca Capital issued a report outlining the firm's concerns with Fluence Energy. The report states Siemens, the U.S. affiliate of the Company’s largest shareholder and corporate parent, has filed a lawsuit accusing the Company of “a laundry list of embarrassing and costly engineering and design failures, false representations, and most notably fraud.”
Methode Electronics, Inc. (NYSE: MEI)
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On July 14, 2023, Methode announced that its Chief Operating Officer, Joseph Khoury, had been placed on leave and that his “powers, authority and duties . . . were suspended.”
Then, on December 7, 2023, Methode disclosed that Khoury had been terminated as an employee of the Company’s Egyptian subsidiary and is no longer associated with the Company, stating that “the Company has eliminated the position of Chief Operating Officer for the present time.”
Then on March 7, 2024, Methode reported financial results for the third quarter of fiscal 2024 ended January 27, 2024. Methode reported Q3 non-GAAP EPS of -$0.33 missing estimates by $0.41 and revenue of $259.5M missing estimates by $28.53 million. The Company said due to various market and operational challenges the business was facing, it would suspended forward-looking guidance; and all earlier guidance provided should no longer be relied upon. Following this news, Methode stock closed lower by 31.1% on March 7, 2024.
Maxeon Solar Technologies, Ltd. (NASDAQ: MAXN)
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On May 30, 2024, Maxeon disclosed its financial performance for the quarter that concluded on March 31, 2024, and provided an update on its business operations. After the release of the financial results, Maxeon's stock closed lower by 34.7% on May 30, 2024.
Cibus, Inc. (NASDAQ: CBUS)
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On June 4, 2024, Bonitas Research issued a short report and raised significant concerns regarding Cibus and its operations, alleging that insiders benefited from inflated stock valuations post-reverse merger in 2023, thereby necessitating a thorough investigation into the discrepancy between the actual value of intangible assets and the stock prices paid to insiders.
Following this news, Cibus shares closed 14.9% lower on June 4, 2024.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. Johnson Fistel seeks to recover losses incurred due to violations of federal securities laws. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
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Contact:
Johnson Fistel, LLP
501 W. Broadway, Suite 800, San Diego, CA 92101
James Baker, Investor Relations or Frank J. Johnson, Esq., (619) 814-4471
jimb@johnsonfistel.com or fjohnson@johnsonfistel.com
