Stem, Inc. f/k/a Star Peak Energy Transition Corp.

Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers and acquirers of the securities of Stem, Inc. f/k/a Star Peak Energy Transition Corp. (NYSE: STEM, STEM.WT, STPK.U): (i) pursuant and/or traceable to the offering documents issued in connection with the merger (“Merger”) consummated on April 28, 2021 by and among the Company, STPK Merger Sup Corp. (“Merger Sub”), and Stem, Inc., (“Legacy Stem”); and/or (ii) between March 4, 2021 and February 16, 2023, both dates inclusive (the “Class Period”). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than July 11, 2023.

If you purchased Stem securities and would like to join the action, please click “Join This Class Action.”

Class Period:March 4, 2021 through February 16, 2023
If you purchased Stem securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

Details of the case:

According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:

  • Legacy Stem suffered from material weaknesses in internal control over financial reporting related to accounting for deferred cost of goods sold and inventory, certain revenue recognition calculations, and internal-use capitalized software calculations;
  • the Company had overstated Legacy Stem’s and its own post-Merger business and financial prospects;
  • Stem’s software revenue did not make up 100% of the Company’s services revenue;
  • Stem had overstated the benefits expected to flow from its partnership with Available Power (“AP”), a purported developer of distributed energy resources and microgrid systems for commercial and industrial real estate; and
  • 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.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Attorney Advertising. Prior results do not guarantee a similar outcome.

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Company Name: Stem, Inc. f/k/a Star Peak Energy Transition Corp.
Stock Symbol: STEM, STEM.WT, STPK.U
Class Period: March 4, 2021 through February 16, 2023
Court: United States District Court Northern District of California

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