10 Firms Defy Market’s Bullish Momentum

6. Fluence Energy Inc. (NASDAQ:FLNC)

Shares of Fluence Energy Inc (FLNC) dropped by 2.72 percent on Wednesday, a second consecutive day, to end at $15.71 each after the company continued to post declines in its revenues amid an investigation by the Securities and Exchange Commission over alleged improper accounting practices.

The investigation stemmed from Blue Orca Capital’s claims in February 2024 alleging that the company was artificially inflating 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’s purported improvement over recent quarters is the product of accounting games that have materially inflated revenue growth and Adj. Gross Margins, which we think helps to explain why Fluence is on its third CFO in just over two years.”

Law firm Hagens Berman is currently probing into Fluence Energy (FLNC)’s potential violations of the US securities laws and has urged investors who have suffered substantial losses to come forward.