ON BEHALF OF INVESTORS, Hittelman Strunk investigates Energy Vault's (NRGV) public claim to landing $520 million dollar revenue deal from DG Fuels.
06 May, 2022, 15:23 ET
NEWPORT, Calif., May 6, 2022 /PRNewswire/ --
SECURITIES FRAUD INVESTIGATION UPDATE:
- On October 28, 2021, Energy Vault announced DG Fuels Sales Agreement:
a. Energy Vault (NRGV) Public Announcement
- On October 29, 2021, Energy Vault paid DG Fuels $1 million dollars according to Energy Vault's May 3, 2022 SEC public disclosure statement:
a. SEC Public Disclosure Statement
- In November 2021, prior to Energy Vault's public listing, the DG Fuels Sales Agreement in part was used by Energy Vault to project $148 million in 2022 revenues alone (note: Energy Vault's historical revenue is $0):
a. Investor Presentation Page 42
- Additionally, Energy Vault failed to disclose that DG Fuels is a non-operating company based in Washington DC with zero revenues, calling into question DG Fuels' ability to pay.
- Lastly, misrepresentation and omission of material facts, including with regard to the DG Fuels Sales Agreement, may have falsely portrayed Energy Vault's true ability to generate revenues, and consequently, may have inflicted harm on retail investors and be a violation of Securities Law.
If you purchased Energy Vault stock (NRGV, NRGV-WT), you may be entitled to compensation without payment of any out-of-pocket fees or costs through a contingency fee arrangement.
WHAT TO DO NEXT:
To join the prospective class action, see prior press releases about the Energy Vault Securities Fraud Investigation:
Energy Vault (NRGV) Securities Fraud Investigation
Hittelman Strunk LLP
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