Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Bloom Energy Corporation
July 23, 2019 - 8:00 PM EDT
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Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Bloom Energy Corporation
LOS ANGELES, July 23, 2019 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming July 29, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of Bloom Energy Corporation (“Bloom Energy” or the “Company”) (NYSE: BE) investors who purchased securities 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”).
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 shareholders@glancylaw.com, or visit our website at www.glancylaw.com.
In July 2018, Bloom Energy completed its initial public offering (“IPO”), issuing approximately 18 million shares of common stock priced at $15 per share. On November 5, 2018, Bloom Energy revealed that it had only delivered 206 system deployments (i.e., “acceptances”) for third quarter 2018, significantly below its previously-issued guidance of 215 to 235 acceptances. For fourth quarter 2018, the Company expected only 225 to 275 acceptances, well below the more than 300 acceptances that analysts expected.
On this news, the Company’s share price fell $5.76 per share, more than 25%, to close at $17.25 per share on November 6, 2018, thereby injuring investors. Since the IPO, Bloom Energy's stock has traded as low as $9.21 per share, significantly below the $15 offering price.
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) Bloom Energy was experiencing material construction delays that would cause system deployments to fall significantly, even below the low end of Bloom Energy’s previously announced guidance; and (2) as a result of the foregoing, defendants’ positive statements in the Registration Statement about Bloom Energy’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you purchased or otherwise acquired Bloom Energy securities during the Class Period you may move the Court no later than July 29, 2019 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 shareholders@glancylaw.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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