SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Siemens Energy AG - SMNEY

NEW YORK, July 3, 2023

The investigation concerns whether Siemens and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

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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.  The Company also withdrew its profit guidance for fiscal year 2023. 

On this news, Siemen's American Depositary Receipt ("ADR") price fell $5.87 per ADR, or 27%, to close at $15.88 per ADR on June 23, 2023.

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 numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.