FLNC, MEI, MAXN, CBUS EXAMINATION ALERT: Johnson Fistula

SAN DIEGO, June 27, 2024 (GLOBE NEWSWIRE) — The law firm of Johnson Fistel, LLP, continues to investigate the following companies for possible securities fraud on behalf of shareholders affected by the recent stock decline.

Investors who have suffered losses on their investments should contact Jim Baker ([email protected]) by email or by phone at 619-814-4471. Please include a phone number when emailing.

Fluence Energy, Inc. (NASDAQ: FLNC)

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On February 22, 2024, Blue Orca Capital published a report outlining the company’s concerns with Fluence Energy. The report stated that Siemens, the U.S. subsidiary of the company’s largest shareholder and parent company, had filed a lawsuit accusing the company of “a long list of embarrassing and costly engineering and design errors, misrepresentations, and most importantly, fraud.”

Method Electronics, Inc. (NYSE: MEI)

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On July 14, 2023, Methode announced that its Chief Operating Officer, Joseph Khoury, had been placed on leave and that his “powers, authority and duties … were suspended.”

On December 7, 2023, Methode then announced that Khoury had been terminated as an employee of the company’s Egyptian subsidiary and was no longer associated with the company, stating that “the company has eliminated the position of Chief Operating Officer at this time.”

Then, on March 7, 2024, Methode reported financial results for its third quarter of fiscal 2024, which ended January 27, 2024. Methode reported third-quarter non-GAAP earnings per share (EPS) of -$0.33, missing estimates by $0.41, and revenue of $259.5 million, missing estimates by $28.53 million. The company said that due to various market and operational challenges the company was facing, it was suspending guidance and that all previous guidance should no longer be relied upon. Following this news, Methode shares closed 31.1% lower on March 7, 2024.

Maxeon Solar Technologies, Ltd. (NASDAQ: MAX)

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On May 30, 2024, Maxeon announced its financial results for the quarter ended March 31, 2024 and provided an update on its business operations. Following the release of the financial results, Maxeon shares closed 34.7% lower on May 30, 2024.

Cibus, Inc. (NASDAQ: CBUS)

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On June 4, 2024, Bonitas Research published a brief report raising significant concerns about Cibus and its operations, alleging that insiders benefited from inflated stock valuations following the 2023 reverse merger, requiring a thorough investigation into the discrepancy between the actual value of intangible assets and the stock prices paid to insiders.

Following this news, Cibus shares closed 14.9% lower on June 4, 2024.

About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder class action lawsuits involving derivatives and securities. Johnson Fistel seeks to recover losses resulting from violations of the federal securities laws. For more information about the firm and its attorneys, visit http://www.johnsonfistel.com. Attorney advertising. Past results are no guarantee of future results.

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Contact:
Johnson Fistula, LLP
501 W. Broadway, Suite 800, San Diego, CA 92101
James Baker, Investor Relations or Frank J. Johnson, Esq., (619) 814-4471
[email protected] or [email protected]