Business

Bloom Energy Corporation (NYSE: BE) Investor Lawsuit alleges Securities Laws Violations

Press Release

An investor, who purchased shares of Bloom Energy Corporation (NYSE: BE), filed a lawsuit over alleged violations of Federal Securities Laws by Bloom Energy Corporation in connection with Bloom Energy’s July 2018 initial public stock offering (the “IPO” or “Offering”).

Investors who purchased shares of Bloom Energy Corporation (NYSE: BE) have certain options and for certain investors are short and strict deadlines running. Deadline: July 29, 2019. NYSE: BE investors should contact the Shareholders Foundation at [email protected] or call +1(858) 779 – 1554.

San Jose, CA based Bloom Energy Corporation designs, manufactures, and sells solid-oxide fuel cell systems for on-site power generation. In July 2018, Bloom Energy Corporation completed its initial public offering (the “IPO”), issuing approximately 18 million shares of common stock priced at $15 per share and raising approximately $284.3 million in net proceeds.

On November 5, 2018, Bloom Energy Corporation announced that it had delivered only 206 system deployments (i.e., “acceptances”) for the quarter, significantly below even the low end of its previously provided guidance of 215 to 235 acceptances. In addition, the Company provided guidance of only 225 to 275 acceptances for the fourth quarter of 2018, well below the more than 300 acceptances that analysts expected.

On February 5, 2019, Bloom Energy Corporation announced its fourth quarter and full year 2018 financial results. Bloom Energy Corporation reported that its annual Total Revenue rose from $375.99 million in 2017 to $742.03 million in 2018 and that Net Loss declined from $262.59 million in 2017 to $241.75 million in 2018.

Shares of Bloom Energy Corporation (NYSE: BE) declined from as high as $36.59 per share in September 2018 to as low as $8.88 per share in January 2019.

The plaintiff claims that the Registration Statement was materially misleading as it failed to disclose known events and trends that were severely affecting the Company’s business and that made investment in Bloom Energy significantly riskier than presented in the Registration Statement. In particular, the plaintiff alleges that the Registration Statement failed to disclose that the Company was experiencing material construction delays and that these construction delays would cause system deployments (or “acceptances” as Defendants referred to them) to fall significantly below even the low end of the Company’s previously announced guidance.

The plaintiff says that while the Registration Statement purported to warn of risks that “may arise,” which could materially affect the Company, in actuality these material negative events were already occurring and that as a result, the representations and purported risk disclosures were false and misleading because, by the time of the IPO, construction delays had already impacted or would soon impact Bloom Energy’s ability to deliver acceptances in line with its guidance.

Those who purchased shares of Bloom Energy Corporation (NYSE: BE) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
[email protected]

About:
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.