NEW YORK, June 26, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Bloom Energy Corporation ("Bloom" or the "Company")(NYSE:BE) of the July 29, 2019 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 common stock pursuant and/or traceable to the Company's July 25, 2018 initial public offering ("IPO") 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 email@example.com.
FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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 common stock pursuant and/or traceable to the Company's July 25, 2018 IPO. The case, Roberts v. Bloom Energy Corporation et al., No. 19-cv-02935 was filed on May 28, 2019 and has been assigned to Judge William H. Orrick.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that the Company was experiencing material construction delays, causing system deployments to fall significantly below even the low end of the Company's previously announced 2018 guidance.
Specifically, on November 5, 2018, Bloom announced that it had delivered only 206 system deployments for the quarter, below 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, below the more than 300 acceptances that analysts expected.
On this news, Bloom's share price fell from $23.01 per share on November 5, 2018 to a closing price of $17.25 on November 6, 2018: a $5.76 or a 25.03% drop.
Since Bloom's IPO, the Company's share price has declined from its IPO price of $15.00 by approximately 25%.
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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