FCEL Shareholder Alert: Investors With Losses May Seek to Lead the Class Action in FuelCell Energy, Inc. Securities Lawsuit - Contact Levi & Korsinsky

Promise vs. reality: FuelCell Energy announced an agreement for up to 380 MW of fuel cell power and told investors the deal validated scaling to 500 MW, yet a securities class action alleges the Company failed to appropriately caution investors of the possibility it would be unable to achieve contractual targets under the agreement and would have to incur charges thereunder. When the shortfall became a reality and the $17 million charge was announced, the stock fell 15.69% in a single-day.

NEW YORK, Sept. 16, 2026 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in FuelCell Energy, Inc. (NASDAQ: FCEL) that a class action lawsuit has been filed on behalf of shareholders who purchased securities between June 24, 2026 and September 1, 2026. Find out if you could qualify to recover your per-share losses. You may also contact Joseph E. Levi, Esq. at [email protected] or (212) 363-7500.

FCEL closed at a Class Period high of $36.01 per share on June 30, 2026. On September 2, 2026, the stock fell $2.68, or 15.69%, to close at $14.40 after the Company reported a fiscal third quarter net loss of $45.3 million and a $17.0 million charge tied to its Fit Energy agreement. Investors have until November 10, 2026 to seek appointment as lead plaintiff.

The Promise

On June 24, 2026, the Company announced a Capital Equipment Purchase Agreement with Fit Energy USA LP for up to 380 megawatts of baseload on-site power for data centers, including an immediate deposit for an initial committed 30 MW phase scheduled to begin delivery later that year. Management stated that the agreement "further validates our decision to scale our operations to 500 MW, preserving our ability to serve a broad and growing pipeline of customers." Two weeks later, the Company priced an underwritten offering of approximately 12.3 million shares at $21.00 per share.

The Reality

Results revealed on September 2, 2026 described a very different production picture. The Company reported that per-unit product costs and absorbed fixed manufacturing overhead reflected "the annualized production rate of approximately 37.1 MW at which we operated during the quarter, which remains below the production volume at which we expect our cost structure to align with market-based pricing for orders of this scale." Product costs and manufacturing overhead exceeded the contractual pricing established under the Fit Energy agreement, and the Company recorded $17.0 million in charges tied to inventory and firm purchase commitments arising from Phase 0.

Promise vs. Actual: By the Numbers

• Announced program scale of up to 380 MW; actual annualized production rate of approximately 37.1 MW.
• Stated intent to scale operations to 500 MW; disclosed maximum annualized Torrington capacity of 100 MW under its current configuration.
• Contractual pricing under the agreement; product costs and overhead that exceeded that pricing, producing $17.0 million in charges.
• Quarterly revenue of $33.0 million versus $46.7 million a year earlier, a decrease of approximately 29%.
• Gross loss of $(24.5) million versus $(5.1) million a year earlier, an increase of approximately 377%.
• A Class Period high of $36.01 per share on June 30, 2026 against a $14.40 close on September 2, 2026.

The gap demonstrates what the lawsuit contends investors were never told: that manufacturing capacity was allegedly inadequate to generate the production rate the agreement required, that the resulting cost overruns were allegedly a known trend affecting profitability, and that charges tied to Phase 0 were allegedly reasonably likely well before they were disclosed.

"Companies that make specific promises to investors about future performance have an obligation to disclose known risks to those projections. Here, the complaint alleges that Fuel Cell did not appropriately caution investors that the production rate needed to support the announced Fit Energy commitment was not achievable at the time the agreement was promoted to the market." -- Joseph E. Levi, Esq.

Submit your information here or call (212) 363-7500.

WHY LEVI & KORSINSKY — Ranked in ISS Securities Class Action Services' Top 50 Report for seven consecutive years, Levi & Korsinsky, LLP is a nationally recognized leader in shareholder rights litigation. With a team of over 70 professionals, the firm has recovered hundreds of millions of dollars for investors. Investors who suffered losses have until November 10, 2026 to seek appointment as lead plaintiff.

Frequently Asked Questions About the FCEL Lawsuit

Q: What is the FCEL lead plaintiff deadline? A: The deadline to apply for lead plaintiff appointment is November 10, 2026. This deadline applies only to investors seeking to serve as lead plaintiff. Class members who do not apply may still participate in any recovery without taking action before this date.

Q: How much did FCEL stock drop? A: Shares fell approximately 15.69%, a decline of $2.68 per share, after the Company disclosed a fiscal third quarter net loss of $45.3 million and a $17.0 million charge reflecting contractual pricing provisions tied to inventory and firm purchase commitments under the Fit Energy agreement. Investors who purchased shares during the Class Period at artificially inflated prices and suffered losses may be eligible to seek compensation.

Q: What specific misstatements does the FCEL lawsuit allege? A: The complaint alleges FuelCell Energy, Inc. made materially false or misleading statements or otherwise omitted known information regarding the adequacy of its manufacturing capacity to generate the production rate required under the Fit Energy agreement, and the likelihood of incurring the resulting product cost and manufacturing overhead increases.

Q: What do FCEL investors need to do right now? A: Investors may gather brokerage records showing purchase dates, share quantities, and prices paid. Submit your information for a no-cost, no-obligation evaluation of your potential recovery. No immediate action is required to remain eligible as an absent class member.

Q: What is a lead plaintiff and why does it matter? A: A lead plaintiff is the investor appointed by the court to represent the entire class. Lead plaintiffs are typically investors with the largest documented losses. Being appointed does not increase individual recovery but gives direct oversight of how the case is run.

Q: What if I already sold my FCEL shares -- can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought during the Class Period and sold at a loss may still be eligible to participate.

Q: What does it cost me to participate? A: There is no upfront cost to submit your information and review whether you may be eligible to recover. Should you choose to participate in the securities class action, they are generally handled on a contingency basis, with any attorneys' fees and expenses subject to court approval.

Q: How long will the lawsuit take to resolve? A: Securities class actions typically take two to four years from initial filing to resolution. Timing depends on the court schedule, case developments, and whether the matter is dismissed, settled, or litigated further.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
[email protected]
Tel: (212) 363-7500
Fax: (212) 363-7171

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SOURCE Levi & Korsinsky, LLP