NEW YORK, Oct. 31, 2023 (GLOBE NEWSWIRE) -- Attention Siemens Energy AG ("Siemens") (OTC Other: SMNEY) shareholders:

The Law Offices of Vincent Wong announce that an investigation has commenced into Siemens and certain of its officers and directors regarding potential securities fraud. The investigation concerns, in part, the below:

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 investment in Siemens, contact us about potential recovery by using the link below. There is no cost or obligation to you.

https://www.wongesq.com/pslra-1/siemens-class-action-submission-form/?prid=53570&wire=3

Vincent Wong, Esq. is an experienced attorney who has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Vincent Wong, Esq.
39 East Broadway
Suite 304
New York, NY 10002
Tel. 212.425.1140
E-Mail: vw@wongesq.com

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