BENSALEM, Pa.--(BUSINESS WIRE)--
Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Bloom Energy Corporation (“Bloom Energy†or the “Companyâ€) (NYSE: BE) securities pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statementâ€) issued in connection with the Company’s July 2018 initial public offering (“IPO†or the “Offeringâ€). Bloom Energy investors have until July 29, 2019 to file a lead plaintiff motion.
Investors suffering losses on their Bloom Energy investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
In July 2018, Bloom Energy completed its initial public offering (“IPOâ€), issuing approximately 18 million shares of common stock priced at $15 per share. On November 5, 2018, Bloom Energy revealed that it had only delivered 206 system deployments (i.e., “acceptancesâ€) for third quarter 2018, significantly below its previously-issued guidance of 215 to 235 acceptances. For fourth quarter 2018, the Company expected only 225 to 275 acceptances, well below the more than 300 acceptances that analysts expected.
On this news, the Company’s share price fell $5.76 per share, more than 25%, to close at $17.25 per share on November 6, 2018, thereby injuring investors. Since the IPO, Bloom Energy's stock has traded as low as $9.21 per share, significantly below the $15 offering price.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) Bloom Energy was experiencing material construction delays that would cause system deployments to fall significantly, even below the low end of Bloom Energy’s previously announced guidance; and (2) as a result of the foregoing, defendants’ positive statements in the Registration Statement about Bloom Energy’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you purchased shares of Bloom Energy, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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