BENSALEM, Pa.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/search?q=%24BE&src=ctag” target=”_blank”gt;$BElt;/agt; lt;a href=”https://twitter.com/hashtag/classaction?src=hash” target=”_blank”gt;#classactionlt;/agt;–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 “Company”) (NYSE: BE)
securities pursuant and/or traceable to the registration statement and
prospectus (collectively, the “Registration Statement”) issued in
connection with the Company’s July 2018 initial public offering (“IPO”
or the “Offering”). 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
(“IPO”), 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., “acceptances”) 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.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
[email protected]
www.howardsmithlaw.com
