We recently compiled a list of the These 10 Firms Were Last Week’s Worst Performers. In this article, we are going to take a look at where Fluence Energy, Inc. (NASDAQ:FLNC) stands against the other stocks.
Wall Street’s main indices finished firmer on Friday, with all main indices settling in the green territory ahead of President-elect Donald Trump’s return to the White House.
Week-on-week, the Dow eked out a 3.81-percent gain, the S&P rallied 3.79 percent, while the Nasdaq increased by 3.84 percent.
Ten companies from diverse sectors, however, ended Friday weaker, posting notable declines versus the week prior. In this article, let’s look at which firms suffered a bloodbath and the reasons that dragged their performance.
For this week’s list, we only focused on companies with a market capitalization of at least $2 billion and a minimum trading volume of $5 million.
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Fluence Energy, Inc. (NASDAQ:FLNC)
Fluence Energy, Inc. dropped its share prices by 10.25 percent week-on-week to finish Friday’s trading at $14.44 apiece amid investor concerns about the Securities and Exchange Commission’s (SEC) ongoing investigation against the company over improper accounting practices.
The investigation stemmed from Blue Orca Capital’s claims in February 2024 alleging that Fluence Energy artificially inflated revenues and profits through aggressive accounting tactics, including revenue recognition schemes and selective earnings adjustments.
In its report, Blue Orca said: “In our opinion, Fluence Energy’s (NASDAQ:FLNC) purported improvement over recent quarters is the product of accounting games that have materially inflated revenue growth and Adjusted Gross Margins, which we think helps to explain why Fluence is on its third CFO in just over two years.”
Law firm Hagens Berman initiated a probe into Fluence Energy’s (NASDAQ:FLNC) potential violations of the US securities laws and urged investors who suffered substantial losses to come forward.
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This article is originally published at Insider Monkey.
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