These 10 Firms Took A Hit on Friday

3. Fluence Energy Inc. (NASDAQ:FLNC)

Fluence Energy Inc. (FLNC) saw its share prices on Friday decline by 7.32 percent to close at $14.44 each as investor sentiment remains weighed down by concerns over the Securities and Exchange Commission’s investigation against the company over improper accounting practices.

The investigation stemmed from Blue Orca Capital’s claims in February 2024 alleging that Fluence Energy (FLNC) 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 Energy, Inc. (FLNC)’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.