Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Bloom Energy Corporation
LOS ANGELES--(BUSINESS WIRE)--Nov 18, 2019--
Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming January 3, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of Bloom Energy Corporation (“Bloom” or the “Company”) (NYSE: BE ) investors who purchased securities: (1) pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s July 2018 initial public offering (“IPO” or the “Offering”); or (2) between July 26, 2018 and September 16, 2019, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com.
On September 17, 2019, Hindenburg Research published a scathing report about Bloom Energy, alleging $2.2 billion in undisclosed service liabilities and claiming that the Company’s technology is “not sustainable, clean, green or remotely profitable.” Hindenburg also accused the Company of having an estimated $2.2 billion in undisclosed servicing liabilities and using “tricky accounting . . . to avoid recognizing major recent additional losses.”
On this news, Bloom Energy’s share price fell $0.88, or 21%, to close at $3.31 per share on September 17, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Bloom Energy’s technology produced emissions comparable to that of a modern natural gas plant; (2) that Bloom Energy’s estimates of useful life for its energy servers and fuel cells were inaccurate; (3) that Bloom Energy used misleading accounting to mask the effect of future servicing expenses; (4) that consequently, Bloom Energy will potentially be liable for up to $2.2 billion in undisclosed servicing liabilities; and (5) that as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired Bloom Energy securities during the Class Period, you may move the Court no later than January 3, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20191118005159/en/
CONTACT: Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES
SOURCE: Glancy Prongay & Murray LLP
Copyright Business Wire 2019.
PUB: 11/18/2019 11:00 AM/DISC: 11/18/2019 11:00 AM