Fluence Energy Hid Worsening Ties With Siemens, AES, Suit Says

Fluence Energy Inc. failed to disclose that its relationships with founders and top customers Siemens AG and AES Corp. were deteriorating on accusations of fraud and battery engineering failures, an investor alleges.

“Fluence’s margins and revenue growth were inflated as Siemens and AES were moving to divest,” Daniel Abramov says in his proposed class action, filed Tuesday in the US District Court for the Eastern District of Virginia.

A short-seller report by Blue Orca Capital on Feb. 22, 2024, revealed a Siemens unit’s fraud-based lawsuit against Fluence, Abramov says. It also revealed “aggressive revenue pull-forwards and selectively applied earnings adjustments” ...