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NEW YORK, May 19, 2023 (GLOBE NEWSWIRE) — The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Stem, Inc. f/k/a Star Peak Energy Transition Corp. STEM alleging that the Company violated federal securities laws.
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.
Lead Plaintiff Deadline: July 11, 2023
No obligation or cost to you.
Learn more about your recoverable losses in STEM:
https://www.kleinstocklaw.com/pslra-1/stem-lawsuit-loss-submission-form?id=39630&from=3
Stem, Inc. f/k/a Star Peak Energy Transition Corp. NEWS – STEM NEWS
CLASS ACTION CASE DETAILS: The filed complaint alleges that Stem, Inc. f/k/a Star Peak Energy Transition Corp. made 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.
WHAT THIS MEANS TO YOU AS A SHAREHOLDER: If you have suffered a loss in Stem you have…
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