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Lawsuit filed for Investors in shares of Bloom Energy Corporation (NYSE: BE)

11-12-2019 09:57 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Bloom Energy Corporation (NYSE: BE) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in Bloom Energy Corporation (NYSE: BE) shares over alleged securities laws violations.

An investor, who purchased shares of Bloom Energy Corporation (NYSE: BE), filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws.

Investors who purchased shares of Bloom Energy Corporation (NYSE: BE) have certain options and for certain investors are short and strict deadlines running. Deadline: January 3, 2020. NYSE: BE investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

In July 2018, Bloom Energy Corporation completed its initial public offering (the "IPO"), issuing approximately 18 million shares of common stock priced at $15 per share and raising approximately $284.3 million in net proceeds.

On November 5, 2018, Bloom Energy Corporation announced that it had delivered only 206 system deployments (i.e., "acceptances") for the quarter, significantly below even the low end of its previously provided guidance of 215 to 235 acceptances. In addition, the Company provided guidance of only 225 to 275 acceptances for the fourth quarter of 2018, well below the more than 300 acceptances that analysts expected.

On February 5, 2019, Bloom Energy Corporation announced its fourth quarter and full year 2018 financial results. Bloom Energy Corporation reported that its annual Total Revenue rose from $375.99 million in 2017 to $742.03 million in 2018 and that Net Loss declined from $262.59 million in 2017 to $241.75 million in 2018.

On September 17, 2019, before the market opened, a report was published entitled “Bloom Energy: A “Clean” Energy Darling Wilting to its Demise” (the “Report”). The Report claimed that it 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.

Shares of Bloom Energy Corporation (NYSE: BE) declined from as high as $36.59 per share in September 2018 to as low as $2.44 per share on October 25, 2019.

The plaintiff claims that the defendants in the Registration Statement that was issued in connection with Bloom’s July 2018 initial public stock offering and between July 26, 2018 and September 16, 2019 made false and/or misleading statements and/or failed to disclose that Bloom’s technology produced emissions comparable to that a modern natural gas plant, that Bloom’s estimates of useful life for its energy servers and fuel cells were inaccurate, that Bloom used misleading accounting to mask the effect of future servicing expenses, that consequently, Bloom will potentially be liable for up to $2.2 billion in undisclosed servicing liabilities, and that 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.

Those who purchased shares of Bloom Energy Corporation (NYSE: BE) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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