NEW
YORK, July 7, 2023 /PRNewswire/
-- Jakubowitz Law announces that a securities
fraud class action lawsuit has commenced on behalf of
shareholders of Stem, Inc. f/k/a Star Peak Energy Transition Corp.
(NYSE: STEM).
To receive updates on the lawsuit, fill out the
form:
https://claimyourloss.com/securities/stem-inc-class-action-loss-submission-form/?id=41781&from=4
This lawsuit is on behalf of a class consisting of all persons
and entities other than defendants that purchased or otherwise
acquired Stem securities: (a) pursuant and/or traceable to certain
documents issued in connection with the merger consummated on
April 28, 2021, by and among the
Company, STPK Merger Sub Corp., and Stem, Inc., a private
Delaware corporation; and/or (b)
between March 4, 2021, and
February 16, 2023, both dates
inclusive.
Shareholders interested in acting as a lead plaintiff
representing the class of wronged shareholders have until
July 11, 2023 to petition the
court. Your ability to share in any recovery doesn't require that
you serve as a lead plaintiff.
According to a filed complaint, Stem, Inc. f/k/a Star Peak
Energy Transition Corp. issued materially false and/or misleading
statements and/or failed to disclose that: (i) Legacy Stem suffered
from material weaknesses in internal control over financial
reporting related to accounting for the 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 makeup
100% of the Company's services revenue; (iv) Stem had overstated
the benefits expected to flow from its AP partnership; and (v) as a
result, the offering documents and defendants public statements
throughout the class period were materially false and/or misleading
and failed to state information required to be stated therein.
Jakubowitz Law is vigorous in pursuit of justice for
shareholders who have been the victim of securities
fraud. Attorney advertising. Prior results do not
guarantee similar outcomes.
CONTACT:
JAKUBOWITZ LAW
1140 Avenue of the Americas
9th Floor
New York, New York 10036
T: (628) 895-0423
F: (212) 537-5887
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SOURCE Jakubowitz Law