NRGV INVESTIGATION ALERT: Hittelman Strunk Announces Investigation into Energy Vault Holdings, Inc. (NRGV, NRGV-WT) f/k/a Novus Capital Corporation II Investors and Encourages Investors with Losses to Inquire About Securities Class Action Investigation

NEWPORT, Calif., May 3, 2022

WHY: Hittelman Strunk, a securities firm, announces an investigation of potential securities claims on behalf of shareholders of Energy Vault Holdings, Inc. f/k/a Novus Capital Corporation II (NYSE: NRGV, NRGV-WT) resulting from allegations that Energy Vault Holdings, Inc. may have issued materially misleading business information to the investing public. There are further allegations the company should have filed additional disclosures regarding shareholder dilution as of April 26, 2022, but have yet to do so with the SEC and did not establish effective controls and procedures to reasonably ensure public disclosures were timely, accurate, complete, and not otherwise misleading. As a result, Energy Vault Holdings, Inc. public statements were materially false, misleading, and/or lacked any reasonable basis in fact at all relevant times.

SO WHAT: If you purchased Energy Vault Holdings, Inc. securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. Hittelman Strunk is preparing a class action seeking recovery of investor losses.

WHAT TO DO NEXT: To join the prospective class action, go to https://www.hittelmanstrunk.com/nrgv.

WHAT IS THIS ABOUT: While SPAC investors have the potential to realize significant gains, they are also much more vulnerable to market volatility and other types of fraud. According to the Wall Street Journal, the SPAC process isn't subject to the same rules about disclosure and marketing practices as standard initial public offerings, and may give companies like Energy Vault Holdings, Inc. more leeway to attract investors with projections of future revenue and profit that may not hold up. 

Investors may be vulnerable to a variety of SPAC fraud by sponsors, including: 

• Misrepresenting material facts related to the SPAC or the company to be acquired; 
• Failing to properly investigate or conduct due diligence on the company to be acquired; or 
• Engaging in self-dealing or failing to disclose conflicts of interest with the acquisition company. 

SPACs are under SEC scrutiny and investor lawsuits against SPACs are on the rise.  According to MarketWatch, many of these lawsuits allege SPAC directors failed to disclose sufficient information. As of April 2022, the SEC has proposed new disclosure requirements for SPACs to mitigate these concerns. The Wall Street Journal states that the proposals, if implemented, "would make it harder for SPACs to raise money from investors and execute mergers."