The Law Offices of Frank R. Cruz Announces Investigation of Siemens Energy AG (SMEGF, SMNEY) on Behalf of Investors

The Law Offices of Frank R. Cruz announces an investigation of Siemens Energy AG (“Siemens” or the “Company”) (OTC: SMEGF, SMNEY) on behalf of investors concerning the Company’s possible violations of federal securities laws.

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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. Furthermore, the Company withdrew its profit guidance for fiscal year 2023.

Then, on June 23, 2023, the Company’s CEO told journalists that “too much had been swept under the carpet” and that the quality issues were “more severe than [he] thought possible.”

On this news, Siemen’s share price fell $5.87 per share, or 27%, to close at $15.88 per share on June 23, 2023, thereby injuring investors.

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If you purchased Siemens securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20230623152061/en/