PR Newswire
Key Dates and Disclosure Events Shareholders Need to Know: From Phantom Deals to a 36.8% Stock Collapse, the SES AI Timeline Exposes an Escalating Pattern of Alleged Misrepresentation
NEW YORK, May 20, 2026 /PRNewswire/ — Levi & Korsinsky, LLP encourages investors who suffered losses in SES AI Corporation (NYSE: SES) to contact the firm. Those who purchased SES securities between January 29, 2025 and March 4, 2026 may be entitled to recover damages. Find out if you are eligible to recover losses. You may also contact Joseph E. Levi, Esq. at [email protected] or (212) 363-7500.
SES shares lost $0.63 per share, a 36.8% single-day decline, closing at $1.08 on March 5, 2026 after corrective disclosures shattered the narrative the Company had built over the preceding fourteen months. The window to apply for lead plaintiff closes on June 26, 2026.
Chronology of Material Events
The securities action against SES AI traces a series of dated events that, the lawsuit contends, collectively reveal how a misleading growth story was constructed and ultimately collapsed.
January 29, 2025 — The AISPEX Announcement
SES AI issued a press release touting a non-binding MOU with AISPEX targeting up to $45 million in battery energy storage revenue. As alleged, AISPEX lacked meaningful crypto mining operations in Texas. A subsequent investigation found its listed headquarters occupied by a different company, surrounded by shipping containers.
February 25, 2025 — Q4 2024 Earnings Call and Data Blanket Claims
Management promoted a “significant purchase order” with Data Blanket for drone batteries at 63% gross margins. The complaint recounts that Data Blanket is a small startup with only a handful of employees and no import records showing receipt of SES products. SES mentioned this deal in SEC filings only once, immediately before launching a $150 million ATM offering.
September 18, 2025 — UZ Energy Acquisition Closes
SES announced the $25.5 million acquisition of Shenzhen UZ Energy, describing it as positioning the Company in the “global $300 billion ESS market.” As detailed in the action, UZ Energy had minimal U.S. presence and its related entity’s registered agent had settled a case alleging participation in a billion-dollar Ponzi scheme.
October 14, 2025 — Hisun Joint Venture Term Sheet
The Company announced a 90%-owned joint venture with Hisun New Energy Materials to commercially supply electrolytes discovered by its Molecular Universe platform. The lawsuit chronicles that Hisun’s planned Texas manufacturing facility remained undeveloped swampland, its corporate address was a residential home, and it appeared to have only one U.S. employee.
November 17, 2025 and January 22, 2026 — Insider Sales
The Company’s Chief Science Officer sold 250,000 shares on each date, collecting $497,500 and $590,000 respectively, totaling over $1 million in proceeds before corrective disclosures.
December 9, 2025 — Wolfpack Research Report
A short-seller report alleged SES had announced “phantom deals,” promoted an AI product that was a “ChatGPT wrapper,” and engaged in circular transactions to fabricate revenue. The report included site visit photographs of AISPEX’s ramshackle headquarters and Hisun’s undeveloped swampland.
March 4, 2026 — The Q4 2025 Earnings Revelation
After market close, SES disclosed that logistics constraints had pushed $1.5 million of revenue into 2026 and issued 2026 guidance of $30 million to $35 million, falling approximately 32% to 42% below the $51.67 million analyst consensus. Shares collapsed 36.8% the following morning.
Timeline of Alleged Disclosure Failures
- January 2025: AISPEX MOU promoted as a major revenue catalyst; AISPEX’s headquarters allegedly housed a different company
- February 2025: Data Blanket purchase order touted at 63% margins; no evidence of product delivery found
- September 2025: UZ Energy acquired for $25.5 million despite minimal U.S. operations
- October 2025: Hisun JV announced citing “existing manufacturing capacity” that allegedly did not exist
- Q3 2025: Remaining performance obligations dropped 92% year-over-year
- March 2026: Revenue guidance missed analyst expectations by up to $21.67 million
“Timely disclosure of material developments is fundamental to fair and efficient markets. The chronology here raises questions about whether investors received accurate information at each stage of SES AI’s growth narrative.” — Joseph E. Levi, Esq.
Submit your claim before the deadline or call (212) 363-7500.
ABOUT THE FIRM — For over two decades, Levi & Korsinsky has represented shareholders in securities class actions. Ranked in ISS Top 50 for seven consecutive years. Those wishing to serve as lead plaintiff must act by June 26, 2026.
Frequently Asked Questions About the SES Lawsuit
Q: When did SES AI Corporation allegedly mislead investors? A: The class period runs from January 29, 2025 to March 4, 2026. During this period, the Company allegedly made a series of false and misleading statements about business partnerships, revenue prospects, and manufacturing capabilities that were progressively revealed as misleading.
Q: How much did SES stock drop? A: Shares fell approximately 36.8%, a decline of $0.63 per share, after SES disclosed logistics constraints and 2026 revenue guidance of $30 million to $35 million versus the $51.67 million analysts expected. Investors who purchased shares during the class period at artificially inflated prices may be entitled to compensation.
Q: What do SES investors need to do right now? A: Gather brokerage records including purchase dates, share quantities, and prices paid. Contact Levi & Korsinsky for a free, no-obligation evaluation at [email protected] or (212) 363-7500. No immediate action is required to remain eligible as a class member.
Q: What if I already sold my SES shares — can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought during the class period and sold at a loss may still participate.
Q: What does it cost me to participate? A: Nothing. Securities class actions are handled on a pure contingency basis. No upfront fees, no retainer, no out-of-pocket costs.
Q: What is the SES lead plaintiff deadline? A: The deadline to apply for lead plaintiff appointment is June 26, 2026. This deadline applies only to investors seeking to serve as lead plaintiff. Class members who do not apply may still participate in any recovery without taking action before this date.
Q: What court was the SES class action filed in? A: The case was filed in the United States District Court for the District of Massachusetts, governed by the Private Securities Litigation Reform Act of 1995.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
Tel: (212) 363-7500
Fax: (212) 363-7171
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SOURCE Levi & Korsinsky, LLP
