Flux Power Holdings, Inc. (NASDAQ: FLUX)

This lawsuit is for anyone who acquired securities in Flux Power Holdings, Inc. (NASDAQ: FLUX) from November 11, 2022 through September 30, 2024.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by telling investors that the Company had sufficient financial controls in place to prevent improper accounting but then by overstating inventory, current assets, total assets and accumulated deficit, and gross profit, and by understating cost of sales and net loss.

On September 5, 2024, Flux Power disclosed that previously issued audited consolidated financial statements as of and for the fiscal year ended June 30, 2023 and the unaudited consolidated financial statements as of and for the quarters ended September 30, 2023, December 31, 2023, and March 31, 2024 should no longer be relied upon due to errors relating to the improper accounting for inventory resulting in an overstatement of inventory, current assets, total assets and accumulated deficit, an understatement of cost of sales and net loss, and overstatement of gross profit. The Company further stated that a material weakness exists in its disclosure controls and procedures and the Company’s internal control over financial reporting. On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then, on September 30, 2024, the Company disclosed that it would be unable to timely file its Annual Report for the fiscal year ended June 30, 2024. On this news, the price of the Company’s stock again 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 Flux Power Holdings, Inc. (NASDAQ: FLUX) from November 11, 2022 through September 30, 2024 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.