NEW YORK, NY - (NewMediaWire) - December 20, 2019 - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Bloom Energy Corporation ("Bloom" or the "Company")(NYSE:BE) of the January 3, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Bloom stock or options pursuant and/or traceable to the Company's July 26, 2019 initial public offering ("IPO") and/or during the period between July 26, 2018 and September 16, 2019 (the “Class Period”) and would like to discuss your legal rights, click here: www.faruqilaw.com/BE. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
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The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased Bloom securities pursuant and/or traceable to the Company's July 26, 2019 IPO and Class Period. The case, Bolouri v. Bloom Energy Corporation et al., No. 19-cv-07259 was filed on November 4, 2019, and has been assigned to Judge Yvonne Gonzalez Rogers.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) Bloom’s technology produced emissions comparable to that of a modern natural gas plant; (2) Bloom’s estimates of useful life for its energy servers and fuel cells were inaccurate; (3) Bloom used misleading accounting to mask the effect of future servicing expenses; (4) consequently, Bloom will potentially be liable for up to $2.2 billion in undisclosed servicing liabilities; and (5) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On September 17, 2019, before the market opened, Hindenburg Research published a scathing report entitled “Bloom Energy: A “Clean” Energy Darling Wilting to its Demise” (the “Report”). The Report claimed that Hindenburg had uncovered an estimated $2.2 billion in undisclosed servicing liabilities, and that Bloom’s technology was “not sustainable, clean, green or remotely profitable” despite Bloom’s claims to the contrary.
Since Bloom's IPO, the Company's share price has declined from its IPO price of $15.00 by approximately over 60%.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Bloom's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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