CLASS ACTION UPDATE for BE, FSNN, S and ASNA: Levi & Korsinsky, LLP Reminds Investors of Class Actions on Behalf of Shareholders

NEW YORK, June 13, 2019 (GLOBE NEWSWIRE) -- Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. Shareholders interested in serving as lead plaintiff have until the deadlines listed to petition the court and further details about the cases can be found at the links provided. There is no cost or obligation to you.

Bloom Energy Corporation (BE)
Class Period: on behalf of all persons who purchased or otherwise acquired Bloom Energy common stock pursuant or traceable to Bloom Energy’s July 2018 IPO.
Lead Plaintiff Deadline: July 29, 2019
Join the action: https://www.zlk.com/pslra-1/bloom-energy-corporation-loss-form?wire=3

The complaint alleges that Bloom Energy's 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.

To learn more about the Bloom Energy Corporation class action contact [email protected].

Fusion Connect, Inc. (FSNN)
Class Period: August 14, 2018 - April 2, 2019
Lead Plaintiff Deadline: June 17, 2019
Join the action: https://www.zlk.com/pslra-1/fusion-connect-inc-loss-form?wire=3

The complaint alleges that Fusion made materially false and misleading statements, later admitting that the process used by certain of its Birch subsidiaries for capitalizing costs associated with the customer on-boarding process and the related judgments and estimates were not designed with sufficient precision, leading to an overstatement of the Company's earnings (or net loss) of between $1.7 million and $2.3 million in the quarter ending on June 30, 2018, and between $3.4 million and $4.1 million in the quarter ending September 30, 2018.

To learn more about the Fusion Connect, Inc. class action contact [email protected].

Sprint Corporation (NYSE:S)
Class Period: January 31, 2019 - April 16, 2019
Lead Plaintiff Deadline: June 21, 2019
Join the action: https://www.zlk.com/pslra-1/sprint-corporation-loss-form?wire=3

The complaint alleges that Sprint made materially false and misleading statements and/or failed to disclose material information. In particular, the complaint alleges that throughout the class period Sprint misrepresented the number of net postpaid subscriber additions in its Form 10-Q for the period ending December 31, 2018. Sprint would later admit that the data was “incomplete,” and “not a substitute for a realistic analysis of the key factors that are most probative of Sprint’s overall competitive position and prospects,” because “postpaid net additions recently have been driven by ‘free lines’ offered to Sprint customers and the inclusion of less valuable tablet and other non-phone devices, as well as pre to post migrations that do not represent ‘new’ Sprint customers.”

To learn more about the Sprint Corporation class action contact [email protected].

Ascena Retail Group, Inc. (ASNA)
Class Period: September 16, 2015 - June 8, 2017
Lead Plaintiff Deadline: August 6, 2019
Join the action: https://www.zlk.com/pslra-1/ascena-retail-group-inc-loss-form?wire=3

The lawsuit alleges: Ascena Retail Group, Inc. made materially false and/or misleading statements throughout the class period and/or failed to disclose that: (a) the ANN Acquisition was a complete disaster for the Company as Ann’s operations were in far worse condition than had been represented to the public; (b) in order to mask the true condition of Ann, Defendants improperly delayed recognizing an impairment charge to the value of Ann’s goodwill and, as a result, Ascena’s reported income and assets were materially overstated and the Company’s financial results were not prepared in conformity with GAAP;  (c) many of the brands acquired in the ANN Acquisition were in steep decline and were also materially overvalued on Ascena’s Class Period financial statements; and (d) as a result of the foregoing, Defendants lacked a reasonable basis for their positive statements about the Company, its operations and prospects.