Stem Inc.’s directors and top executives misled investors about internal control issues in filed documents related to a 2021 merger, a shareholder derivative suit says.
Two investors claim the Stem board failed to disclose the internal control weaknesses, as well as overstatements about the company’s competitive standing and software revenues, and the company’s post-merger business prospects.
Among the individual defendants named in the suit are the company’s chief executive officer, John Carrington, Chief Financial Officer William Bush, pre-merger Chief Accounting Officer Michael Wilds and board Chairman Michael C. Morgan.
The suit filed Aug. 26 is at least the third ...
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