![]() View the full release here: įounded in 2009, Stem is an industry leading provider of AI-driven energy storage systems and market leader in the clean energy ecosystem. Upon closing of the transaction, the combined company will be named Stem and remain listed on the New York Stock Exchange under the new ticker symbol “STEM.” The combined company will be led by John Carrington, Chief Executive Officer of Stem. (“Star Peak”) (NYSE: STPK), a publicly-traded special purpose acquisition company, announced today a definitive agreement for a business combination that will result in Stem becoming a public company. View source version on businesswire.Stem, Inc., (“Stem” or “the Company”), a global leader in artificial intelligence (AI)-driven clean energy storage systems, and Star Peak Energy Transition Corp. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. Additional information about the firm can be found at Kirby McInerney LLP’s website. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. ![]() Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. Elrod of Kirby McInerney LLP by email at, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you. If you purchased or otherwise acquired Stem securities, have information, or would like to learn more about this lawsuit and how it might affect your rights, please contact Thomas W. The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (i) Legacy Stem suffered from material weaknesses in internal control over financial reporting related to accounting for deferred cost of goods sold and inventory, certain revenue recognition calculations, and internal-use capitalized software calculations (ii) the Company had overstated Legacy Stem’s and its own post-Merger business and financial prospects (iii) Stem’s software revenue did not make up 100% of the Company’s services revenue and (iv) Stem had overstated the benefits expected to flow from its AP partnership. On this news, the price of Stem shares declined by $1.44 per share, or approximately 14.78%, from $9.74 per share to close at $8.30 on February 17, 2023. Among other items, the Company reported 4Q revenue of $156 million, versus consensus estimates of $166 million, and issued disappointing FY 2023 revenue guidance of $550 million to $650 million, which was mostly below consensus estimates of $647 million. On February 16, 2023, Stem reported its 4Q 2022 results and 2023 guidance. On this news, the price of Stem shares declined by $0.75 per share, or approximately 8.78%, from $8.54 per share to close at $7.79 on January 5, 2023. On January 5, 2023, Stem released an investor presentation deck that it had prepared in connection with its attendance at the Goldman Sachs Global Energy and Clean Technology Conference, wherein the Company revealed that its 2022 bookings backlog was “partially offset by Stem-initiated contract cancellation (~$130M) due to partner non-performance on agreed timeline,” notably, without disclosing which partner’s non-performance had led to the contract cancellation. Stem combines advanced energy storage solutions with its AI-powered analytics platform to enable customers and partners to optimize energy use and maximize the value of renewable energy. Investors have until Jto apply to the Court to be appointed as lead plaintiff in the lawsuit. (“Stem” or the “Company”) (NYSE: STEM ) securities during the period from Mathrough Febru(the “Class Period”). ![]() District Court for the Northern District of California on behalf of those who acquired Stem, Inc. The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. Kirby McInerney LLP Announces the Filing of a Securities Class Action on Behalf of Stem, Inc.
0 Comments
Leave a Reply. |