Important Information Regarding Section 20(a) Individual Liability Claims: SES AI's Founder and CEO Allegedly Certified Financials While Phantom Deals and Circular Revenue Masked the Company's True Condition
NEW YORK, May 13, 2026 /PRNewswire/ -- Levi & Korsinsky, LLP alerts investors in SES AI Corporation (NYSE: SES) of a pending securities class action. Class Period: January 29, 2025 through March 4, 2026. Find out if you qualify to recover losses or contact Joseph E. Levi, Esq. at jlevi@levikorsinsky.com | (212) 363-7500.
SES shares collapsed $0.63 per share, a 36.8% decline, closing at $1.08 on March 5, 2026 after 2026 revenue guidance of $30 million to $35 million came in far below the $51.67 million analysts expected. To be considered for lead plaintiff, investors must file by June 26, 2026.
The Named Individual Defendant
Qichao Hu served as Chief Executive Officer, Chairman, and Founder of SES AI Corporation throughout the entire Class Period. As CEO and Chairman, Hu allegedly wielded authority over every material public statement issued by the Company, including press releases announcing partnerships with AISPEX, the acquisition of UZ Energy, and the Hisun joint venture term sheet. The complaint contends Hu directly participated in drafting, producing, reviewing, and disseminating statements that allegedly overstated SES AI's business prospects through deals with entities lacking meaningful operations.
Section 20(a) Control Person Framework
Section 20(a) of the Securities Exchange Act of 1934 imposes liability on individuals who control entities that violate Section 10(b). The lawsuit asserts Hu possessed the power to direct and cause SES AI to engage in the alleged wrongful acts. As CEO, Chairman, and founder, Hu allegedly:
- Signed SOX certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act attesting to the accuracy of the Company's financial reporting and disclosure of all fraud
- Personally promoted the AISPEX MOU on the Q4 2024 earnings call, allegedly overstating the likelihood of $45 million in revenues from an entity that lacked meaningful crypto mining operations
- Announced the Hisun joint venture, claiming it would leverage "existing manufacturing capacity" when the action alleges Hisun's U.S. address was a residential home and its planned facility site remained undeveloped swampland
- Presented at the Needham Growth Conference in January 2026, touting $16.4 million in booked revenue and "exciting competitive advantage" while allegedly concealing logistics constraints already affecting Q4 2025 shipments
- Directed the Company's overall strategy of announcing deals with entities that, as alleged, could not fulfill them
Sarbanes-Oxley Certification Obligations
Hu signed certifications attached to the Q3 2025 Form 10-Q filed November 12, 2025, attesting that the report did not contain untrue statements of material fact and that all material changes to internal controls were disclosed. The complaint charges that at the time of these certifications, Hu knew or recklessly disregarded that SES AI faced material logistics constraints impacting Q4 revenues and that key partnership counterparties lacked the operational capacity previously represented to investors.
"Corporate officers have a duty to ensure their companies' public statements are accurate and complete. When a CEO personally signs SOX certifications and simultaneously promotes partnerships that allegedly lack substance, shareholders deserve accountability." -- Joseph E. Levi, Esq.
Submit your information to join the recovery or call (212) 363-7500.
WHY LEVI & KORSINSKY -- Ranked in ISS Securities Class Action Services' Top 50 Report for seven consecutive years, Levi & Korsinsky, LLP is a nationally recognized leader in shareholder rights litigation. With a team of over 70 professionals, the firm has recovered hundreds of millions of dollars for investors.
Frequently Asked Questions About the SES Lawsuit
Q: Who are the defendants named in the SES lawsuit? A: The complaint names SES AI Corporation and individual defendant Qichao Hu, CEO, Chairman, and Founder, who signed SEC filings and certified financial disclosures under Sarbanes-Oxley throughout the Class Period.
Q: What specific misstatements does the SES lawsuit allege? A: The complaint alleges SES AI made materially false or misleading statements regarding phantom deals with entities lacking meaningful operations, circular transactions to generate the appearance of Molecular Universe revenue, and undisclosed logistics constraints that impacted Q4 2025 revenues. When the true state was revealed, the stock price declined sharply.
Q: What is a lead plaintiff and why does it matter? A: A lead plaintiff is the investor appointed by the court to represent the entire class. Lead plaintiffs are typically investors with the largest documented losses. Being appointed does not increase individual recovery but gives direct oversight of how the case is run.
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 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: How long will the lawsuit take to resolve? A: Securities class actions typically take two to four years from initial filing to resolution.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
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SOURCE Levi & Korsinsky, LLP
