Bloomberg Law
March 15, 2023, 10:18 PM

Energy Storage Stockholder Sues SPAC Board Alleging Deceit

John Woolley
John Woolley

Stockholders for an energy storage company sued their firm’s board of directors alleging they misled investors when bringing their corporation public through a SPAC merger.

Eos Energy Enterprises Inc., formerly known as B. Riley Principal Merger Corp. II (BRII), renamed itself after merging with the energy storage firm Eos Energy Storage LLC on November 16, 2020.

Stockholder Richard Delman brought the class action complaint in the Delaware Chancery court. In the filing, made public on Mar. 13, Delman said Eos directors “failed to observe the most basic principle of Delaware corporate governance” by placing their own financial interests over that ...