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Bloom Energy Restatement Supports Class Claims of Accounting Fraud

NEW YORK, NY / ACCESSWIRE / February 18, 2020 / On February 12, 2020, Bloom Energy Corporation (BE) announced that it will restate its financial statements for the period January 1, 2018 through September 30, 2019 to correct errors in its accounting for the company's Managed Service Agreements or MSAs. These errors include material misstatements in the company's financial statements that were provided to shareholders during the July 25, 2018 initial public offering. Levi & Korsinsky, LLP is currently Lead Counsel in a securities class action filed on May 28, 2019 that alleges that Bloom Energy's MSA accounting was false and misleading in the registration statement for the initial public offering and in public disclosures continuing through September 16, 2019 when the accounting was publicly challenged by a report published by Hindenburg Research. Levi & Korsinsky is representing the lead plaintiff and the class in seeking to recover investor losses caused by Bloom Energy's misleading accounting.

Bloom Energy's admission that its historical accounting for its MSAs was wrong provides even further support for the allegations made by the lead plaintiff and Levi & Korsinsky in the class action. Lead plaintiff will be filing an amended complaint to include Bloom Energy's restatement and admission of accounting errors as soon as Bloom Energy files its restated financial statements providing full details of its errors. This is currently anticipated to occur by March 16, 2020.

Any investor who wants more information about Bloom Energy's restatement and its impact on the recovery of investor losses through this class action lawsuit should contact Levi & Korsinsky at:

Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
55 Broadway, 10th Floor
New York, NY 10006
Tel: (212) 363-7500
Fax: (212) 363-7171

SOURCE: Levi & Korsinsky, LLP

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