Levi & Korsinsky notifies investors that it has commenced an investigation into Siemens Energy AG (OTC: SMNEY) concerning potential violations of the federal securities laws.
On June 23, 2023, Siemens announced it was withdrawing its profit guidance for fiscal year 2023 due to a “substantial increase in failure rates of wind turbine components” at newly acquired Siemens Gamesa (SGRE). After an “extended technical review”, the Company expects additional costs to be in excess of approximately 1 billion Euros. Siemens further indicated an increase in product costs and ramp-up challenges in the off-shore business. Following this news, the Company’s share price fell by $5.87 per share, or approximately 27% to close at $15.88 per share.
If you suffered a loss on your Siemens securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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