Shares of Amprius Technologies Inc (NASDAQ:AMPX) are falling Wednesday afternoon following a short report released by Manatee Research. Here’s what investors need to know.
- Amprius Technologies stock is taking a hit today. Why is AMPX stock falling?
Key Details Of The Amprius Short Report
The report levels serious accusations against the silicon anode battery developer, alleging exaggerated orders, hollow manufacturing and major related party transactions. Amprius did not immediately respond to Benzinga’s request for comment.
Prior to Wednesday afternoon’s decline, the stock had risen roughly 490% over the past year, supported by a series of new customer announcements and recent media appearances by CEO Tom Stepien.
Manatee’s investigation alleges that Amprius's manufacturing network is a “Potemkin village” of subscale or fraudulent operations. Specifically, the report notes that Korean partner Eurocell had its factory seized over fraud charges, while U.S. partner Nanotech Energy has left a trail of abandoned production plans.
Furthermore, Manatee alleged a Chinese supplier representing 36% of Amprius's 2025 cost of revenue is an undisclosed related party heavily tied to company founder Kang Sun.
Financial Metrics, Insider Trading Activity And Management Background
Financial warning signs were also raised, with the report asserting that at least $29 million in LEV orders appear illusory alongside a problematic spike in “bill-and-hold” accounting. Amid these practices, company insiders reportedly dumped more than $79 million in stock between November 2025 and May 2026.
Finally, Manatee highlighted that Stepien previously faced investor lawsuits alleging fraudulent misrepresentation at his former failed energy startup, Primus Power.
AMPX Shares Drop Wednesday Afternoon
AMPX Price Action: Amprius Technologies shares were down 2.39% at $15.11 at the time of publication on Wednesday, according to Benzinga Pro data.
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