Investors who bought or otherwise acquired Fluence Energy securities between November 24, 2025 and September 16, 2026 may be covered by a proposed class action alleging Fluence misled investors about whether new contract manufacturing facilities could deliver the backlog behind its fiscal 2026 guidance. No class has been certified and there is nothing to file yet.
Allegations Only · No Settlement Yet
This article describes a class action complaint. The statements below are unproven allegations. Fluence Energy, Inc. and its executives have not been found liable, there is no certified class, and nothing to claim at this time. This page is informational and is not legal advice.
What Is This About?
A Fluence Energy investor filed a proposed securities class action against the company and two of its executives on September 28, 2026 in the U.S. District Court for the Southern District of New York, in Manhattan. The case is Hatweek v. Fluence Energy, Inc., No. 1:26-cv-08475, and it is assigned to Judge Jennifer H. Rearden. It is brought on behalf of investors who bought or otherwise acquired Fluence securities between November 24, 2025 and September 16, 2026.Fluence Energy, a Delaware company headquartered in Arlington, Virginia, provides energy storage and optimization software and hardware for renewable energy and storage projects. Its stock trades on the Nasdaq under the ticker FLNC. The complaint alleges that Fluence set record fiscal 2026 guidance without disclosing that delivering on it depended on new contract manufacturing facilities that were not ready, and points to two guidance cuts, on August 5 and September 16, 2026, as the days the alleged truth came out.
The case is at the complaint stage. No lead plaintiff has been appointed, no class has been certified, and there is no settlement, fund or claim form. It is separate from an earlier Fluence securities case filed in Virginia in 2025.
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The Fiscal 2026 Guidance and Manufacturing Statements
The class period opens on November 24, 2025, when Fluence reported fiscal 2025 results, including revenue of $2.3 billion and adjusted EBITDA of $19.5 million, and issued fiscal 2026 guidance of $3.2 billion to $3.6 billion in revenue and about $40 million to $60 million in adjusted EBITDA. According to the complaint, the company said it was positioned to benefit from surging data center demand and had contracted with multiple production facilities to meet demand.The complaint cites Fluence’s annual report on Form 10-K, filed November 25, 2025, which said a contract manufacturer in Arizona that commissioned a new facility in 2025 had faced delays scaling production, mainly because of labor availability and long workforce training times. The report said Fluence had put corrective measures in place with that manufacturer and “currently believe[d]” they would remediate the production issues, and that it believed it had adequate access to key components to meet customer demand.
On February 4, 2026, Fluence reported first-quarter results with a GAAP gross margin of about 4.9%, which it said included additional estimated costs on two projects, and a net loss of $62.6 million. According to the complaint, the stock fell $10.04, or 34.63%, to close at $18.95 on February 5, 2026, while the company continued to point to accelerating demand from data centers, utilities and industrial customers.
What the Complaint Alleges Was Misleading
The complaint alleges that Fluence and its executives failed to disclose that the company’s ability to deliver its backlog, and to recognize the revenue behind its fiscal 2026 guidance, depended on new contract manufacturing facilities that were not completed, not operational or not able to produce at the volumes the guidance assumed. It also alleges that the corrective measures for production problems at its contract manufacturers were not working and that the problems extended to the new facilities, putting at risk the delivery in fiscal 2026 of backlog that the company had described as securing or covering its guidance.The August and September 2026 Guidance Cuts
On August 5, 2026, after the market closed, Fluence reported third-quarter results that it described as weaker than expected, “primarily reflecting production delays at new contract manufacturing facilities.” According to the complaint, adjusted gross margin was about 5.9%, compared with about 15.4% a year earlier, and Fluence said it expected $400 million in project deliveries to slip into fiscal 2027 because of production issues at a new international contract manufacturing facility and construction delays at a new U.S. facility. It cut its fiscal 2026 revenue guidance by $0.4 billion and its adjusted EBITDA guidance by $60 million at the midpoints. The stock fell $1.02, or 7.17%, to close at $13.21 on August 6, according to the complaint.On September 16, 2026, after the market closed, Fluence issued a mid-quarter update cutting its full-year revenue guidance again, by about $0.6 billion to $2.4 billion, and lowering its adjusted EBITDA guidance from negative $10 million to negative $200 million. According to the complaint, the company attributed the revision to “delays in the ramp-up of our contract manufacturing facility,” and the stock fell $1.39, or 15.36%, to close at $7.66 on September 17, 2026.
Who Is Being Sued and Under Which Laws
The defendants are Fluence Energy, Inc.; Julian Jose Nebreda Marquez, its chief executive officer; and Ahmed Pasha, its chief financial officer.The complaint asserts two claims:
- Section 10(b) of the Securities Exchange Act of 1934 and SEC Rule 10b-5, against all defendants.
- Section 20(a) of the Exchange Act, a control-person claim against Nebreda and Pasha.
These claims require the plaintiff to show, among other things, that the defendants made false or misleading statements with intent to mislead or with severe recklessness, and that the statements caused investors’ losses. The complaint seeks class certification, damages, interest, and attorneys’ fees and costs, and it demands a jury trial. None of the allegations has been tested in court.
Who Is in the Proposed Class?
The proposed class is all persons and entities who bought or otherwise acquired Fluence Energy securities between November 24, 2025 and September 16, 2026, inclusive, and were damaged as a result. The defendants, the company’s officers and directors at all relevant times, their immediate families, legal representatives, heirs, successors and assigns, and any entity in which the defendants have or had a controlling interest are excluded. The class exists only as a proposal until a court certifies it, and its definition can change as the case proceeds.The Separate 2025 Fluence Securities Case
Fluence also faces an earlier, consolidated securities case, In re Fluence Energy, Inc. Securities Litigation, No. 1:25-cv-00444, filed March 11, 2025 in the U.S. District Court for the Eastern District of Virginia. That case was filed before the 2026 case’s class period began and is pending separately. The 2026 New York case covers only purchases from November 24, 2025 through September 16, 2026.What Happens Next
The Private Securities Litigation Reform Act requires the first plaintiff in a securities class action to publish a notice of the case, after which investors have 60 days to ask the court to appoint them lead plaintiff. According to PSLRA notices published by law firms, that deadline in the 2026 Fluence case is November 27, 2026, which matches the 60-day window from the September 28 filing. The date comes from the notices, not from a court order. After the court picks a lead plaintiff and lead counsel, an amended complaint usually follows, and the defendants typically move to dismiss.The complaint was filed by Glancy Prongay Wolke & Rotter LLP. Members of a proposed securities class generally remain in the class without seeking the lead plaintiff role. There is no money available unless the case produces a settlement or judgment, which would come with its own notice and claim process.
Questions
Who is covered by the Fluence Energy securities class action?
The proposed class is all persons and entities who bought or otherwise acquired Fluence Energy securities between November 24, 2025 and September 16, 2026, inclusive, and were damaged as a result. The defendants, the company’s officers and directors, their immediate families and entities the defendants control are excluded. No class has been certified.
What is the November 27, 2026 deadline in the Fluence case?
According to PSLRA notices published by law firms, November 27, 2026 is the deadline for investors to ask the court to appoint them lead plaintiff under the Private Securities Litigation Reform Act. That matches the statute’s 60-day window from the September 28, 2026 notice. It is not a claim deadline. Members of a proposed securities class generally remain in the class without seeking that role, and there is no money or claim form available.
What does the Fluence Energy lawsuit claim was misleading?
The complaint alleges that Fluence and two executives did not disclose that delivering the backlog behind its fiscal 2026 revenue guidance depended on new contract manufacturing facilities that were not complete, operational or able to produce at the assumed volumes, and that corrective measures for production problems were not working. Fluence has not been found liable.
Is this the same as the 2025 Fluence Energy securities case?
The two cases are separate. In re Fluence Energy, Inc. Securities Litigation, No. 1:25-cv-00444, is a consolidated securities case filed in March 2025 in the U.S. District Court for the Eastern District of Virginia. The 2026 case, Hatweek v. Fluence Energy, Inc., was filed in the Southern District of New York and covers purchases from November 24, 2025 through September 16, 2026.
Is there a Fluence Energy securities settlement to claim?
There is no settlement, fund or claim form in the 2026 case. It is at the complaint stage, no lead plaintiff has been appointed and no class has been certified. Money would become available only if the case produced a settlement or judgment, which would come with its own court-approved notice and claim process.
Sources
- Class action complaint — Hatweek v. Fluence Energy, Inc., filed September 28, 2026
- Court docket — No. 1:26-cv-08475 (S.D.N.Y.) (CourtListener)
- Court docket — In re Fluence Energy, Inc. Securities Litigation, No. 1:25-cv-00444 (E.D. Va.) (CourtListener)
- Fluence Energy SEC filings — EDGAR company filing index
