NEW YORK, March 16, 2018 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Ballard Power Systems Inc. ("Ballard" or the "Company") (NASDAQ: BLDP) of the March 28, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Ballard stock or options between September 30, 2016, and January 25, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/BLDP. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased Ballard securities between September 30, 2016 and January 25, 2018 (the "Class Period"). The case, Ryan Bishop v. Ballard Power Systems Inc. et al, No. 2:18-cv-00719 was filed on January 27, 2018.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the Company overstated the operations of its China-based partners Broad Ocean and Synergy; (2) there are no demonstration lines operating in Guangdong and no bus lines are in service in Sanshui or Yunfu; (3) Foshan has produced far fewer buses than Ballard has indicated, and only 11 are licensed; and (4) as a result, the Company's public statements were materially false and misleading.
Specifically, on January 25, 2018, Spruce Point Capital Management published report stating, among other things, that Ballard overstated the operations of its China-based partners Broad Ocean and Synergy. In addition, the report stated, in part, that contrary to Ballard's public statements, "there are no demonstration lines operating in Guangdong and that no bus lines are in service in Sanshui or Yunfu."
On this news, Ballard's share price fell from $3.79 per share on January 24, 2018 to a closing price of $3.27 on January 25, 2018—a $0.52 or a 13.72% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Ballard's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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