NEW YORK, March 21, 2019 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Bloom Energy Corporation ("Bloom Energy" or the "Company") (NYSE: BE). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Bloom Energy and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
In July 2018, Bloom Energy completed its initial public offering (the "IPO"), issuing approximately 18 million shares of common stock priced at $15 per share and raising approximately $284.3 million in net proceeds. On November 5, 2018, Bloom Energy announced that it had delivered only 206 system deployments (i.e., "acceptances") for the quarter, significantly below even the low end of its previously provided guidance of 215 to 235 acceptances. In addition, the Company provided guidance of only 225 to 275 acceptances for the fourth quarter of 2018, well below the more than 300 acceptances that analysts expected.
Following this news, Bloom Energy's stock price fell $5.76 per share, or 25.03%, to close at $17.25 per share on November 6, 2018. Since the IPO, Bloom Energy's stock has traded as low as $9.21 per share, significantly below the $15 offering price.
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