AI Company In Woburn Faces Investor Lawsuit Over Claims Of 'Phantom Deals,' Cover-Up
SES AI Corp. faces a class-action lawsuit alleging it misled investors about business challenges and covered up 'phantom deals'.Summary
SES AI Corp., a Woburn-based artificial intelligence company specializing in lithium-metal battery systems, is facing a class-action lawsuit filed in Boston federal court. The lawsuit alleges that the company misled investors and covered up critical information regarding operational constraints, declining markets, and business partnerships that lacked genuine economic substance. The complaint, signed by five law firms, claims that starting in 2025, SES and its leaders failed to disclose these issues. This follows an accusation by Wall Street research firm Wolfpack that SES promoted 'phantom deals' to distract from its financial problems. The company disclosed a $73 million loss for 2025 and logistical obstacles on March 4, leading to a 37 percent drop in its stock price the next day. SES has stated it intends to defend itself vigorously against the claims.
(Source：Patch)