NEW YORK, June 17, 2019 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Bloom Energy Corporation ("Bloom Energy" or the "Company") (NYSE: BE) and certain of its officers. The class action, filed in United States District Court, for the Northern District of California, and indexed under 19-cv-02935, is on behalf of a class consisting of all persons and entities who purchased or otherwise acquired Bloom Energy common stock pursuant or traceable to the Form S-1 Registration Statement and Prospectus (collectively, the "Registration Statement") issued in connection with Bloom Energy's July 2018 initial public stock offering (the "IPO" or "Offering").
This action asserts non-fraud strict liability claims under Sections 11 and 15 of the Securities Act of 1933 ("Securities Act") against Bloom Energy and certain Bloom Energy officers and directors (collectively, the "Defendants").
If you are a shareholder who purchased Bloom Energy securities pursuant or traceable to the IPO, you have until July 29, 2019 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Bloom Energy is a San Jose, California-based corporation that designs, manufactures, and sells solid-oxide fuel cell systems.
In July 2018, Bloom Energy commenced the IPO, issuing approximately 18 million shares of its common stock to the investing public at $15.00 per share, all pursuant to the Registration Statement.
The complaint alleges 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 Registration Statement failed to disclose that the Company was experiencing material construction delays. 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.
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. 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.
On Monday, November 5, 2018, Bloom Energy shocked the market when it announced its disappointing acceptances for the third quarter of fiscal year 2018 results and provided acceptance guidance for the fourth quarter significantly below analysts' expectations. In particular, the Company reported that it only achieved 206 acceptances, materially below its guidance number of 215 to 235 acceptances. In addition, the Company announced guidance for the fourth quarter of acceptances between 225 and 275. In contrast, analysts at JP Morgan had estimated 333 acceptances in the fourth quarter.
The price of Bloom Energy stock fell precipitously, closing as low as $9.21 per share, almost 40% below the IPO price and remains below the IPO price to this date. All told, investors suffered millions of dollars in losses.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP