SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of ESS Tech, Inc. - GWH; GWH-WT

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NEW YORK, Nov. 25, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of ESS Tech, Inc. ("ESS Tech" or the "Company") (NYSE: GWH) (NYSE: GWH-WT). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.

Fighting for victims of securities fraud for more than 85 years (PRNewsfoto/Pomerantz LLP)
Fighting for victims of securities fraud for more than 85 years (PRNewsfoto/Pomerantz LLP)

The investigation concerns whether ESS Tech and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

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On November 22, 2021, in a filing with the U.S. Securities and Exchange Commission, ESS Tech disclosed that "[o]n November 22, 2021, the Company's management and the Audit Committee of the Board of Directors of the Company (the "Audit Committee"), after consultation with Marcum, concluded that STWO's previously issued (i) audited balance sheet as of September 21, 2020, as previously restated, as reported in the Current Report on Form 8-K filed on September 25, 2020, (ii) audited financial statements as of December 31, 2020, and for the period from July 21, 2020 (inception) to December 31, 2020, as previously restated, as reported in the Annual Report on Form 10-K/A filed on May 24, 2021, (iii) unaudited interim financial statements as of September 30, 2020, and for the period from July 21, 2020 (inception) through September 30, 2020 as previously restated, as reported in Quarterly Report on Form 10-Q filed on November 16, 2020, (iv) unaudited interim financial statements as of March 31, 2021, and for the period from January 1, 2021 through March 31, 2021, as reported in Quarterly Report on Form 10-Q filed on May 24, 2021, and (v) unaudited interim financial statements as of June 30, 2021, and for the period from April 1, 2021 through June 30, 2021, as reported in Quarterly Report on Form 10-Q filed on May 24, 2021, (the "Affected Period") should no longer be relied upon and should be restated to report Class A Ordinary Shares as liabilities, restate the statement of changes in shareholders' equity and restate EPS to allocate income and losses pro rata between the two classes of shares outstanding. Similarly, Report of Independent Registered Public Accounting Firm dated March 31, 2021, except for the effects of the restatement discussed in Note 2, as to which date is May 24, 2021, on the financial statements as of December 31, 2020 and for the period from July 21, 2020 (date of inception) through December 31, 2020, Report of Independent Registered Public Accounting Firm dated September 25, 2020 on the balance sheet as of September 21, 2020, and the registration statements, shareholder communications, investor presentations or other communications describing relevant portions of STWO's financial statements for these periods should no longer be relied upon. As such, the Company will restate its audited financial statements as of December 31, 2020, and for the period from July 21, 2020 to December 31, 2020, and amend its Form 10-K/A as previously filed on May 24, 2021."

On this news, ESS Tech's stock price fell sharply during intraday trading on November 23, 2021.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:

Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980

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SOURCE Pomerantz LLP

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