On February 22, 2024, Blue Orca Capital released a report on Fluence Energy, Inc. In this report, in pertinent part, Blue Orca stated it was short Fluence Energy, Inc. “because undisclosed to investors, the U.S. affiliate of its largest shareholder and corporate parent, Siemens, [has filed] a lawsuit accusing Fluence of a laundry list of embarrassing and costly engineering and design failures, false representations, and most notably fraud.”

On this news, Fluence Energy’s stock fell $2.28 per share, or 13%, to close at $14.73 per share on February 22, 2024.