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SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Stem, Inc. f/k/a Star Peak Energy Transition Corp. of Class Action Lawsuit and Upcoming Deadline – STEM; STEM.WS; STPK; STPK.WS; STPK.U

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NEW YORK, May 21, 2023 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Stem, Inc. (“Stem” or the “Company”) f/k/a Star Peak Energy Transition Corp. (“STPK”) (NYSE: STEM; STEM.WS; STPK; STPK.WS; STPK.U), and certain officers and directors. The class action, filed in the United States District Court for the Northern District of California, and docketed under 23-cv-02329, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Stem securities: (a) pursuant and/or traceable to the Offering Documents (defined below) issued in connection with the merger (“Merger”) consummated on April 28, 2021 by and among the Company, STPK Merger Sub Corp. (“Merger Sub”), and Stem, Inc., a private Delaware corporation (“Legacy Stem”); and/or (b) between March 4, 2021 and February 16, 2023, both dates inclusive (the “Class Period”).  Plaintiff pursues claims against the Defendants under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”).

If you are a shareholder who purchased or otherwise acquired Stem securities pursuant and/or traceable to the Offering Documents issued in connection with the Merger, and/or during the Class Period, you have until July 11, 2023 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.

[Click here for information about joining the class action]

Stem purports to operate as a digitally connected and intelligent energy storage network provider in the U.S. and internationally.  The Company offers energy storage systems sourced from original equipment manufacturers and provides an artificial intelligence (“AI”) platform called Athena, which offers battery hardware and software-enabled services to operate the energy storage systems.  The Company’s management has asserted that Stem’s services revenue line is purportedly comprised entirely of software revenue.  Prior to the Merger, the Company operated as a publicly traded special purpose acquisition company.

On December 4, 2020, the Company announced that it had entered into a definitive agreement for the Merger with Legacy Stem, a purported global leader in AI-driven clean energy storage systems, that would result in a combined company with an estimated equity value of approximately $1.35 billion.

On December 17, 2020, the Company filed a registration statement (“Registration Statement”) on Form S-4 with the U.S. Securities and Exchange Commission (“SEC”) in connection with the Merger, which, after several amendments, was declared effective by the SEC on March 29, 2021.

On March 30, 2021, the Company filed a joint prospectus and proxy statement (the “Prospectus” and, together with the Registration Statement, the “Offering Documents”) on Form 424B3 with the SEC in connection with the Merger, which incorporated and formed part of the Registration Statement.

On April 28, 2021, the Company consummated the Merger whereby, among other things, Merger Sub merged with and into Legacy Stem, with Legacy Stem surviving the transaction as a wholly owned subsidiary of the Company; the Company renamed itself “Stem, Inc.”; and the Company began operating Legacy Stem’s business.

Leading up to and following the Merger, Stem repeatedly represented that its unique AI-driven approach to energy storage management and related software products and offerings, which it offered alongside its hardware products and offerings, afforded the Company significant competitive advantages in attracting and retaining business partners and customers, and that these advantages differentiated Stem’s business from its competitors.

On February 24, 2022, Stem issued a press release announcing that it had entered into a strategic partnership with Available Power (“AP”), a purported developer of distributed energy resources and microgrid systems for commercial and industrial real estate, with a “[v]alue of award expected to exceed $500 million across the project portfolio” and that “provide[d] Stem exclusive rights to 100 standalone energy storage projects in Texas” (emphases in original).  Stem attributed the partnership win to its Athena software, thereby apparently validating Stem’s narrative that its unique AI-driven approach to energy storage management differentiated the Company from competitors and would lead to significant growth and earnings.

The complaint alleges that the Offering Documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation.  Additionally, the complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies.  Specifically, the Offering Documents and Defendants made false and/or misleading statements and/or failed to disclose that: (i) Legacy Stem suffered from material weaknesses in internal control over financial reporting related to accounting for deferred cost of goods sold and inventory, certain revenue recognition calculations, and internal-use capitalized software calculations; (ii) the Company had overstated Legacy Stem’s and its own post-Merger business and financial prospects; (iii) Stem’s software revenue did not make up 100% of the Company’s services revenue; (iv) Stem had overstated the benefits expected to flow from its AP partnership; and (v) as a result, the Offering Documents and Defendants’ public statements throughout the Class Period were materially false and/or misleading and failed to state information required to be stated therein.

On March 15, 2021, in an SEC filing, the Company revealed that Legacy Stem suffered from various previously undisclosed material weaknesses in its internal control over financial reporting related to, inter alia, “accounting for . . . deferred cost of goods sold and inventory,” “the review of certain revenue recognition calculations,” and “the review of internal-use capitalized software calculations.”

On this news, Stem’s stock price fell $1.19 per share, or 3.36%, to close at $34.24 per share on March 15, 2021.

On February 24, 2022, Stem reported its fourth quarter (“4Q”) and full year (“FY”) 2021 financial results.  Among other items, Stem reported FY 2021 earnings per share (“EPS”) of -$0.96, missing consensus estimates by $0.05, as well as FY 2021 revenue of $127.37 million, missing consensus estimates by $19.58 million.

On this news, Stem’s stock price fell $2.43 per share, or 21.62%, to close at $8.81 per share on February 25, 2022.

On January 5, 2023, Stem released an investor presentation deck that it had prepared in connection with its attendance at the Goldman Sachs Global Energy and Clean Technology Conference, wherein the Company revealed that its 2022 bookings backlog was “partially offset by [a] Stem-initiated contract cancellation (~$130M) due to partner non-performance on [an] agreed timeline”.

Following release of the investor presentation deck, Stem’s stock price fell $0.75 per share, or 8.78%, to close at $7.79 per share on January 5, 2023.

On January 11, 2023, Blue Orca Capital (“Blue Orca”) issued a report alleging various additional undisclosed issues with Stem’s business and financial prospects, including, among other things, that the Company had overstated its software revenues by falsely claiming that 100% of its services revenue line was attributable to software revenues.

On January 12, 2023, Stem issued a response to the Blue Orca report, purporting to refute Blue Orca’s claims regarding, inter alia, the Company’s software revenues.  In doing so, however, the Company never expressly refuted Blue Orca’s claims that software revenue did not make up 100% of the Company’s services revenue.  Separately, Stem’s response to the Blue Orca report clarified that the Company’s “canceled . . . booking of approximately $135 million in the fourth quarter of 2022”—as first disclosed in Stem’s January 5, 2023 investor presentation deck—was “attributable solely to DevCo projects with [AP]” and that “[w]e have not recorded any revenue from any [AP] projects and there are no additional projects in the backlog with this former partner.”

Then, on February 16, 2023, Stem reported its 4Q 2022 results and 2023 guidance.  Among other items, the Company reported 4Q revenue of $156 million, versus consensus estimates of $166 million, and issued disappointing FY 2023 revenue guidance of $550 million to $650 million, which was mostly below consensus estimates of $647 million.

On this news, Stem’s stock price fell $1.44 per share, or 14.78%, to close at $8.30 per share on February 17, 2023—a 69.32% decline from the Company’s first post-Merger closing stock price of $27.05 per share on April 29, 2021 (the “Initial Closing Price”).

As of the time the complaint was filed, Stem’s common stock was trading significantly below its Initial Closing Price and continues to trade below its initial value from the Merger, damaging investors.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980

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A Fond Farewell: Memories to Treasure from MWC 2024

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HONG KONG, March 4, 2024 /PRNewswire/ — As IPLOOK reflects on its successful participation in MWC 2024, the company is left with countless memories, insights and opportunities that will continue to inspire its team long after the event has ended.

IPLOOK’s Impressive Showing 
IPLOOK’s booth was a hub of activity throughout the 4-day event, drawing in crowds of attendees eager to learn more about IPLOOK’s innovative core network solutions. Some of the key achievements and gains for IPLOOK at MWC 2024 included:
Strong partnerships forged: IPLOOK nailed several new partnerships with leading telecom companies, expanding its reach and impact in the industry.Positive industry coverage: IPLOOK’s presence at MWC 24 attracted the attention of industry research outlets, resulting in conversations highlighting IPLOOK’s leading position in core network market, ability of innovation and integration capability of space, air and ground communications.Brand awareness increased: The event provided an excellent opportunity for IPLOOK to raise its profile and establish itself as a leader in the core network market. Its booth attracted a number of visitors who were already aware of its role as a core network expert, eager to explore the advancements presented by IPLOOK.Valuable feedback received: IPLOOK took the opportunity to gather feedback from attendees on its products and services, which will be invaluable in driving IPLOOK’s future product development and improvements.Innovations that Stole the Show
This year’s MWC, as per its theme “Future First”, was a testament to the power of technology to transform our future life. Attendees were treated to demonstrations of the latest innovation in AIGC, AI-RAN, Open Gateway, and 6G, showcasing how these technologies can revolutionize industries and improve people’s lives.
What’s Next for IPLOOK?
As IPLOOK sets its sights on the horizon, the company is energized by the prospect of deepening connections within the telecom ecosystem and discovering the groundbreaking advancements that lie ahead at MWC’s next chapter. With a steadfast dedication to product innovation, IPLOOK will also journey to key industry events like MVNOs World Congress and AfricaCom, forging new paths into uncharted markets and showcasing its unwavering commitment to the evolution of the telecom landscape.
Contact: [email protected] IPLOOK on LinkedIn @IPLOOK Networks
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Mobica Appoints Gary Butters as CEO, Building on Success and Fuelling Continued Growth

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LONDON, March 4, 2024 /PRNewswire/ — Mobica, the global software and engineering provider, has announced Gary Butters as their Chief Executive Officer (CEO).

 
Gary joined Mobica as Chief Revenue Officer (CRO) in November 2020 and as part of outgoing CEO Sam Kingston’s leadership team, delivered significant success, leading to Mobica’s acquisition by Cognizant in March 2023. 
This acquisition will significantly expand Cognizant’s IoT embedded software engineering capabilities as part of their overall strategy to help companies modernise technology, reimagine processes and transform experiences so they stay ahead in a fast-changing world.
 
Gary takes over the role with the remit to complete the integration of Mobica into Cognizant while continuing to deliver double-digit growth.
Mobica, which is headquartered in Manchester UK, with operations in Europe and the US, provides world-class software engineering and development expertise to many of the most recognised global brands. Founded in 2004, it serves a number of sectors, with particular expertise in the automotive, manufacturing, industrial and semiconductor industries.
In his role as CEO, Gary will continue Mobica’s vision of delivering exceptional value and innovation to it’s clients and customers, while spearheading its growth plan as demand for engineering and software expertise continues to rise.
Commenting on his appointment, Gary says:”Over the past few years, Mobica has seen demand for our world-class engineering increase significantly, particularly with the acceleration in AI and machine learning. This has seen some of the once ‘traditional’ industries such as automotive and manufacturing undergo a radical transformation. 
“As a result, companies are increasingly seeking skilled professionals – particularly in areas such as software development, AI, IoT, and data analytics – in order to stay competitive and meet evolving customer expectations. However, they are vying for a limited pool of technology talent, so access to Mobica engineering services has been vital to enable our customers to remain agile in a rapidly evolving landscape.
“Our ongoing growth is a testament to our team of dedicated ‘Mobicans’ and our unwavering dedication to delivering cutting-edge software engineering solutions. We have consistently provided clients with access to top-tier engineering talent, enabling them to drive digital transformation and achieve their business objectives. I am looking forward to working with our talented team as we continue our ambitious growth plans.”
www.mobica.com 
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Core to Cloud Partners with Cybersecurity Innovator SenseOn to Enable Comprehensive NDR and SIEM Security

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New strategic arrangement allows organisations to monitor identity, endpoint, network and cloud-based activity to stop threats immediately.
CIRENCESTER, England, March 1, 2024 /PRNewswire/ — Core to Cloud, a leading provider of cybersecurity services and solutions, is excited to announce a strategic alliance with SenseOn, a renowned threat detection management platform. This collaboration will empower businesses to bolster their advanced NDR and SEIM operations and secure end-to-end platforms.

In today’s integrated digital landscape, businesses rely on various systems and third-party suppliers. The launch of SenseOn’s platform marks a significant leap forward in proactive threat detection and response, offering a comprehensive solution to combat sophisticated cyber threats. Organisations can identify, detect and respond to vulnerabilities in traditional blind spots. Core to Cloud’s partnership with SenseOn aims to address these challenges by offering a comprehensive and efficient solution for managing threat detection and response.
James Cunningham, CEO and co-founder of Core to Cloud, said: “We are excited to announce our partnership with SenseOn, allowing Core to Cloud to bring our clients a more robust and complete threat detection and management solution. With an ever-changing digital landscape, our clients must be able to detect and respond to any threats within their cyber estate. This partnership offers an all-encompassing approach to managing these risks.” 
One of the critical features of this partnership is that the platform is built upon a foundation of Artificial Intelligence (AI) and Machine Learning (ML) technologies, meticulously designed to evolve alongside cyber threats. Leveraging its unique Deep Learning, SenseOn’s platform analyses vast and complex datasets, providing real-time threat detection, investigation, and autonomous response capabilities. This innovative approach and Core to Cloud’s cybersecurity expertise enables organisations to proactively address potential threats before they escalate, ensuring robust protection against evolving cyber-attacks.
SenseOn’s platform and Core to Cloud’s know-how empower security teams to navigate the complicated threat landscape efficiently. Intelligent automation streamlines incident response, allowing cybersecurity professionals to focus on strategic initiatives rather than routine tasks.
David Atkinson, CEO and Founder of SenseOn, added: “We are excited to announce a pivotal moment in SenseOn’s journey with establishing a strategic channel partnership with Core to Cloud. This collaboration is more than a partnership; it’s an alliance that leverages the strengths of both companies to propel us towards growth. By combining SenseOn’s consolidated threat detection platform with Core to Cloud’s technical and service expertise, we are poised to deliver a new standard in cybersecurity solutions.”
Moreover, Core to Cloud and SenseOn are committed to ongoing collaboration and continuous improvement. As cybersecurity threats evolve, so do the strategies and tools to counter them. This collaboration is not just a one-time solution; it represents an ongoing commitment to enhancing the cybersecurity landscape for businesses of all sizes. Core to Cloud and SenseOn will continue to work together to develop new features, refine existing tools, and provide unparalleled support to our clients.
Core to Cloud’s partnership with SenseOn signifies a major step forward in cybersecurity. By combining expertise, technology, and a shared commitment to excellence, the two companies are paving the way for businesses to navigate the complex digital landscape confidently. Together, they empower businesses to protect their NDR, SEIM and end-to-end platforms.
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