Siemens Energy AG
Company Name | Siemens Energy AG |
Stock Symbol | SMEGF |
On June 22, 2023, after the market closed, Siemens disclosed that it had found a “substantial increase in failure rates of wind turbine components” and had initiated an “extended technical review,” which would cost approximately 1 billion euros. Furthermore, the Company withdrew its profit guidance for fiscal year 2023.
Then, on June 23, 2023, the Company’s CEO told journalists that “too much had been swept under the carpet” and that the quality issues were “more severe than [he] thought possible.”
On this news, Siemen’s share price fell $5.87 per share, or 27%, to close at $15.88 per share on June 23, 2023, thereby injuring investors.
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