Stockholders for an energy storage company sued their firm’s board of directors alleging they misled investors when bringing their corporation public through a SPAC merger, Bloomberg reports.
Eos Energy Enterprises, formerly known as B. Riley Principal Merger II, renamed itself after merging with the energy storage firm Eos Energy Storage in November 2020. A month after the deal closed, the stock was trading at $20.84. Shares last traded today at $2.03.
Stockholder Richard Delman brought the class action complaint in the Delaware Chancery court. In the filing, made public on March 13, Delman said Eos directors “failed to observe the most basic principle of Delaware corporate governance” by placing their own financial interests over that of shareholders. Read more.
