NEW YORK, May 30, 2019 (GLOBE NEWSWIRE) --
Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC
notifies investors that a class action lawsuit has been filed
against Bloom Energy Corporation (“Bloom†or the “Companyâ€)
(BE) and certain of its officers, on behalf
of shareholders who purchased or otherwise acquired Bloom
securities pursuant or traceable to the Form S-1 Registration
Statement and Prospectus (collectively, the “Registration
Statementâ€) issued in connection with Bloom Energy’s July 2018
initial public stock offering (the “IPO†or “Offeringâ€). Such
investors are encouraged to join this case by visiting the firm’s
site: www.bgandg.com/be.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1933.
In July 2018, Bloom 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 significantly riskier than presented in the Registration Statement. Specifically, the complaint alleges that 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 allegedly false and misleading because, by the time of the IPO, construction delays had already impacted or would soon impact Bloom’s ability to deliver acceptances in line with its guidance.
On Monday, November 5, 2018, Bloom 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 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.
If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/be or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Bloom you have until July 29, 2019 to request that the Court appoint you as lead plaintiff. A lead plaintiff acts on behalf of all other class members in directing the litigation. The lead plaintiff can select a law firm of its choice. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]