The lawsuit, filed in the U.S. District Court for the Southern District of New York, centers on allegations that Fluence Energy’s financial projections relied on production facilities that were either incomplete, non-operational, or incapable of meeting volume requirements. While the company initially projected a fiscal 2026 revenue midpoint of $3.4 billion, that forecast was later adjusted to approximately $2.4 billion. Similarly, the firm’s adjusted EBITDA outlook shifted from a positive range of $40 million to $60 million to a projected loss of $200 million.

According to the complaint, the company’s reliance on third-party contract manufacturers created undisclosed risks. On August 5, 2026, Fluence Energy acknowledged weaker-than-expected revenue, citing production delays at new facilities and the deferral of $400 million in project deliveries to fiscal 2027. Joseph E. Levi of Levi & Korsinsky, the firm representing the plaintiffs, stated that the case questions the adequacy of disclosures regarding production capacity as the company sought to capitalize on surging data center demand. Investors seeking to serve as lead plaintiff must submit their applications by the November 27, 2026, deadline.