Siemens Energy AG (SMEGF, SMNEY)

This investigation is for anyone who acquired securities in Siemens Energy AG (OTC: SMEGF, SMNEY) prior to June 23, 2023.

The Law Offices of Howard G. Smith believes that the Company and certain of its executives violated federal law. Specifically, the Law Offices of Howard G. Smith believes that the Company misled investors regarding its financial condition. More specifically, the Law Offices of Howard G. Smith believes that the Company misled investors by telling investors that it had proper controls in pace but then by failing to find and prevent defects in wind turbine components.

On June 22, 2023, after the market closed, Siemens disclosed that it had found a “substantial increase in failure rates of wind turbine components” and had initiated an “extended technical review,” which would cost approximately 1 billion euros. Furthermore, the Company withdrew its profit guidance for fiscal year 2023. Then, on June 23, 2023, the Company’s CEO told journalists that “too much had been swept under the carpet” and that the quality issues were “more severe than [he] thought possible.” On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Siemens Energy AG (OTC: SMEGF, SMNEY) prior to June 23, 2023 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.