FuelCell (NASDAQ: FCEL) Scrutinized Over Fit Energy Disclosures Driving Stock Down 15% -- HBSS

SAN FRANCISCO, Sept. 10, 2026 /PRNewswire/ -- On September 2, 2026, investors in FuelCell Energy, Inc. (NASDAQ: FCEL) saw the price of their shares fall $2.68 (-15.7%) after the company reported a massive year-over-year Q3 gross loss, mostly attributable to its agreement to supply its products to Fit Energy.

The revelations have prompted national shareholders rights firm Hagens Berman to open an investigation into whether FuelCell has been sufficiently transparent about the economics of its Fit Energy and, if not, whether the company may have violated the U.S. securities laws.

The firm encourages FuelCell investors who suffered substantial losses to submit your losses now.  Persons with knowledge who may be able to assist the investigation are invited to contact the firm's attorneys.

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FuelCell Energy (FCEL) Investigation

On June 23, 2026, FuelCell announced that it and Fit Energy entered into a capital equipment purchase agreement ("CEPA") under which Fit would purchase FuelCell's carbonate fuel cell block systems whose total aggregate generating capacity was up to 380 megawatts ("MW") across four phases.

CEO Jason Few said, "[t]his agreement further validates our decision to scale our operations to 500 MW, preserving our ability to serve a broad and growing pipeline of customers."

Then, on or about July 7, 2026 (three weeks before its quarter ended on July 31, 2026), FuelCell issued about 12 million shares at $21 per share. While the offering documents disclosed the structure and terms under the CEPA, they may not have been sufficiently transparent about financial pressures already occurring.

Investors learned more on September 2, 2026, when FuelCell reported a Q3 2026 gross loss of $24.5 million compared to the year earlier quarter gross loss of $5.1 million. The company blamed the 380% increase on $17 million of charges "recorded in connection with Phase 0 of our capital equipment purchase agreement, or CEPA with Fit Energy, due to the fact that our current product costs and manufacturing overhead exceed the contractual pricing established under that agreement."

The market swiftly reacted, sending the price of FuelCell shares down $2.68 (-15.7%) to close at $14.40, about 31% lower than the offering price.

"We're focused on whether FuelCell may have misled investors about its product costs and overhead, and if so, whether there may be an adverse impact on Fit Energy's decisions to proceed with the remaining phases of the CEPA," said Reed Kathrein, the Hagens Berman partner leading the firm's investigation.

If you invested in FuelCell and have substantial losses, or have knowledge that will assist the firm's investigation, submit your losses now »

Whistleblowers: Persons with non-public information regarding FuelCell should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email FCEL@hbsslaw.com.

About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.

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SOURCE Hagens Berman Sobol Shapiro LLP