SAN FRANCISCO, CA / ACCESSWIRE / December 3, 2019 / Hagens Berman urges Bloom Energy Corporation (BE) investors who have suffered significant losses to submit their losses now to learn if they qualify to recover their investment losses. A securities fraud class action was recently filed on behalf of certain BE investors against the Company and senior executives and Bloom investors may have valuable claims.
Bloom Energy Corporation (BE) Securities Class Action:
The complaint alleges that Defendants misrepresented and concealed 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, and (3) Bloom used misleading accounting to hide the true effect of future servicing expenses.
On Sept. 17, 2019, the market learned the truth when Hindenburg Research published a scathing report about Bloom Energy, stating that it uncovered billions in servicing liabilities and called the company an "obvious bankruptcy candidate." Hindenburg claimed that Bloom's technology is "not sustainable, clean, green or remotely profitable." Hindenburg also accused the Company of having an estimated $2.2 billion in undisclosed servicing liabilities and using "tricky accounting…to avoid recognizing major recent additional losses." The company "will become yet another tombstone in the Silicon Valley cemetery of dead unicorns," Hindenburg said. In response, the price of Bloom Energy shares fell sharply that day.
If you invested in Bloom Energy Corporation between July 22, 2018 and Sept. 16, 2019 (the "Class Period") and suffered significant losses, you may qualify to be a lead plaintiff - one who selects and oversees the attorneys prosecuting the case. Contact Hagens Berman immediately for more information about the case and being a lead plaintiff.
"We're focused on recovering investors' substantial losses and holding BE and its senior management accountable for their alleged accounting fraud," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you purchased shares of BE and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Bloom Energy should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email BE@hbsslaw.com.
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Reed Kathrein, 510-725-3000
SOURCE: Hagens Berman Sobol Shapiro LLP
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