SES AI Corporation promised investors a pipeline of transformative deals and rapid commercialization. The reality, according to a securities class action, was phantom partnerships with entities operating from residential homes and undeveloped land, circular revenue schemes, and 2026 guidance that missed Wall Street expectations by nearly $20 million.
Find out if you can recover your SES AI investment losses or contact Joseph E. Levi, Esq. at jlevi@levikorsinsky.com or (212) 363-7500.
SES AI (NYSE: SES) shares dropped $0.63, or 36.8%, closing at $1.08 on March 5, 2026 after the company disclosed 2026 revenue guidance of just $30 million to $35 million against analyst expectations of $51.67 million. The lead plaintiff deadline is June 26, 2026.
The Promise
Between January 2025 and January 2026, SES AI built an investor narrative around several ambitious announcements:
- An MOU with AISPEX targeting up to $45 million for battery energy storage deployment at a Texas crypto mining site
- A “significant purchase order” with Data Blanket for high-margin Li-Metal drone cells, touted as carrying 63% gross margins
- Acquisition of Shenzhen UZ Energy for $25.5 million, positioning SES AI in the “$300 billion ESS market”
- A joint venture term sheet with Hisun New Energy Materials to commercially supply electrolyte materials discovered by the Molecular Universe AI platform
- Revenue of $16.4 million booked in the first three quarters of 2025, with full-year guidance of $20 million to $25 million
Management described these developments as evidence of an “exciting competitive advantage” and a pathway to recurring, scalable revenue.
The Reality
The lawsuit contends that the gap between these projections and what actually existed was vast:
- AISPEX: Site visits revealed a “ramshackle building” with signage for a different company; no evidence of meaningful crypto mining operations existed at the address, according to the complaint
- Data Blanket: A startup with approximately 10 employees; the action claims no record exists of SES ever shipping Li-Metal cells to the company
- UZ Energy: Described as a low-margin, China-based business whose U.S.-related entity shared an address with two other companies and a registered agent who had settled allegations of participating in a $1 billion Ponzi scheme
- Hisun Joint Venture: The complaint alleges Hisun’s planned Texas manufacturing facility remained undeveloped swampland, its U.S. corporate address was a residential home, and it appeared to employ only one person in the United States
- Molecular Universe Revenue: A former employee quoted in the complaint described circular transactions where SES would purchase equipment from suppliers who would then buy Molecular Universe licenses, creating an appearance of software demand
The Numbers: Promised vs. Actual
|
What Was Promised |
What Investors Got |
|
Up to $45M AISPEX pipeline |
No documented progress; headquarters occupied by different company |
|
“Significant” Data Blanket order at 63% margin |
No evidence of product delivery |
|
Hisun JV leveraging “existing manufacturing capacity” |
Undeveloped swampland and a residential address |
|
$51.67M expected 2026 revenue (analyst consensus) |
$30M-$35M guidance, a 32%-42% shortfall |
|
2025 remaining performance obligations |
92% year-over-year decline in Q3 2025 |
What the Lawsuit Alleges About the Gap
The complaint charges that these were not ordinary business setbacks but rather a pattern of promoting deals with entities that lacked the capacity, infrastructure, or operational substance to generate the revenues SES AI described to investors.
“Companies that make specific promises to investors about future performance have an obligation to disclose known risks to those projections. When projected deal values are built on partnerships that may lack operational substance, investors deserve to know before they commit capital.” — Joseph E. Levi, Esq.
Calculate whether you qualify to recover losses from SES AI or call (212) 363-7500.
LEAD PLAINTIFF DEADLINE: June 26, 2026
Levi & Korsinsky, LLP is a nationally recognized shareholder rights firm. Over the past 20 years, the firm has secured hundreds of millions of dollars for aggrieved shareholders. Ranked in ISS Top 50 for seven consecutive years.
Frequently Asked Questions About the SES Lawsuit
Q: What specific misstatements does the SES lawsuit allege? A: The complaint alleges SES AI made materially false or misleading statements regarding its business partnerships with AISPEX, Data Blanket, and Hisun, the legitimacy of Molecular Universe revenue, and the company’s growth prospects during the class period. When the true state was revealed, the stock price declined sharply.
Q: When did SES AI allegedly mislead investors? A: The class period runs from January 29, 2025 to March 4, 2026. The alleged fraud was revealed through a Wolfpack Research report on December 9, 2025 and the company’s Q4 2025 earnings call on March 4, 2026, which disclosed logistics constraints and below-expectation 2026 guidance.
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 jlevi@levikorsinsky.com 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 them. Investors who bought during the class period and sold at a loss may still participate.
Q: Do I need to go to court or give testimony? A: No. The overwhelming majority of class members never appear in court or give depositions. You submit a claim form to receive your portion of recovery.
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 if I missed the lead plaintiff deadline? A: The deadline applies only to investors seeking lead plaintiff appointment. Class members who miss it can still participate in any settlement or recovery.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260505766593/en/
Media gallery
