BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Bloom Energy Corporation (“Bloom Energy” or the “Company”) (NYSE: BE) 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 (the “Class Period”). Bloom Energy investors have until January 3, 2020 to file a lead plaintiff motion.
Investors suffering losses on their Bloom Energy investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.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 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.
If you purchased Bloom Energy securities, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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