March 21, 2019 - The court granted the defendants' motion to dismiss.

August 21, 2018 - A motion to dismiss the amended complaint was filed.

June 22, 2018 - An amended complaint was filed.

April 12, 2018 - The case was transferred to the U.S. District Court for the Southern District of New York.

January 27, 2018 - An investor in shares of Ballard Power Systems Inc (USA) (NASDAQ: BLDP) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Ballard Power Systems Inc in connection with certain allegedly false and misleading statements made between September 30, 2016 and January 25, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Ballard Power Systems Inc (USA) (NASDAQ: BLDP) common shares between September 30, 2016 and January 25, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between September 30, 2016 and January 25, 2018, the defendants made false and/or misleading statements and/or failed to disclose that Ballard Power Systems Inc overstated the operations of its China-based partners Broad Ocean and Synergy, that there are no demonstration lines operating in Guangdong and no bus lines are in service in Sanshui or Yunfu, that Foshan has produced far fewer buses than Ballard Power Systems Inc has indicated, and only 11 are licensed, and that as a result, defendants’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

Canada based Ballard Power Systems Inc is engaged in the design, development, manufacture, sale and service of proton exchange membrane (PEM) fuel cell products for a range of applications, focusing on the power product markets of heavy-duty motive (consisting of bus and tram applications), portable power, material handling and backup power, as well as the delivery of technology solutions, including engineering services, technology transfer and the license and sale of its intellectual property portfolio and fundamental knowledge for a range of fuel cell applications. Ballard Power Systems Inc (USA) reported that its annual Total Revenue rose from $56.46 million in 2015 to $85.27 million in 2016 and that its Net Loss increased from $5.82 million in 2015 to $21.11 million in 2016. Shares of Ballard Power Systems Inc (USA) (NASDAQ: BLDP) reached as high as $5.86 per share in November 2017.

On January 25, 2018, a report was published stating, among other things, that Ballard Power Systems Inc overstated the operations of its China-based partners Broad Ocean and Synergy JV. The report stated that, contrary to Ballard Power Systems Inc’s public statements, “there are no demonstration lines operating in Guangdong and that no bus lines are in service in Sanshui or Yunfu.” The report further stated that “Ballard and local press releases indicate that [Broad Ocean customer] Foshan has produced 114 FCV buses...[but] a Foshan employee claimed that far fewer buses have been produced to date and only 11 are licensed.”

Shares of Ballard Power Systems Inc (USA) (NASDAQ: BLDP) declined on January 26, 2018 to $2.91 per share.