Stem, Inc.

Stem Inc Shareholder News: Johnson Fistel Encourages STEM Shareholders with Losses to Contact the Firm Regarding Class Action Investigation

Shareholder rights law firm Johnson Fistel, LLP is investigating whether Stem, Inc. (NYSE: STEM), any of its executive officers, or others violated securities laws by misrepresenting or failing to timely disclose material, adverse information to investors. The investigation focuses on investors’ losses and whether they may be recovered under federal securities laws.

What if I purchased Stem common stock? If you purchased Stem common stock and suffered significant losses on your investment, join our investigation now:

Or for more information, contact Jim Baker at or (619) 814-4471

There is no cost or obligation to you.

What is Johnson Fistel investigating? On January 11, 2023, Blue Orca Capital issued a short report alleging multiple claims. The report claims that it has uncovered “undisclosed to investors, STEM is financing its flagship customer to purchase energy storage systems from STEM. Rather than a “big win” and proof that STEM could compete for big utility scale projects, we think STEM won its supposed flagship deal by surreptitiously paying for it.”

Along with this, the report questions revenue generated through the company’s software services. The report states that “almost all of this services revenue is not from software, but from a legacy business under which STEM leases hardware to customers in what it calls “host customer arrangements.” These arrangements, which STEM are winding down, are akin to hardware leases with a small software and services component, yet STEM tries to claim that 100% of the revenues from these contracts are software. Incredibly, STEM does not even own the majority of the systems being leased. 87% of the systems are owned by unconsolidated special purpose vehicles, yet STEM uses an accounting gimmick to claim their revenue as its own.”

What if I have relevant nonpublic information? Individuals with nonpublic information regarding the company should consider whether to assist our investigation or take advantage of the SEC Whistleblower program. Under the SEC program, whistleblowers who provide original information may, under certain circumstances, receive rewards totaling up to thirty percent of any successful recovery made by the SEC. For more information, contact Jim Baker at (619) 814-4471 or

Johnson Fistel, LLP
Jim Baker, Lead Securities Analyst
Telephone: (619) 814-4471