Fluence Discloses SEC Investigation After Short Seller Report

Energy storage developer Fluence Energy reported the Securities and Exchange Commission is investigating its financial reporting.

• Investigation was disclosed in company’s quarterly earnings report Wednesday
• Investigation follows a February short seller’s report
• In earnings call Thursday, CFO Ahmed Pasha said SEC appears to be focusing on revenue recognition policies
• Company conducted its own internal investigation and found short seller’s allegations to be “without merit,” he said.
• Fluence is fully cooperating with SEC
• “We do not expect the total potential cost to be material to our financial condition,” the company said in the filing
• Shares rose more than 14% to $15.86 ...