Fluence Energy Leaders Sued Over Sag in Siemens, AES Alliance

Fluence Energy Inc.‘s directors and top executives are responsible for hiding the deterioration of the battery maker’s relationship with founders and top customers Siemens AG and AES Corp., an investor alleges in a federal lawsuit.

The members of leadership failed to disclose a Siemens affiliate’s state court counterclaim alleging Fluence breached a contract and committed fraud in connection with a California project, plaintiff Diaa Al Amad says. The shareholder derivative suit was filed Thursday in the US District Court for the Eastern District of Virginia.

The information about the counterclaim—and the founding companies’ moves to divest their holdings in ...