BENSALEM, Pa., July 23, 2019 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith reminds investors of the upcoming July 29, 2019 deadline to file a lead plaintiff motion in the class action 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”).
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@example.com.
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 during the Class Period you may move the Court no later than July 29, 2019 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you 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 firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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