April 21, 2020 - A seconded amended complaint was filed.

November 4, 2019 - An amended complaint was filed.

May 28, 2019 - An investor in shares of Bloom Energy Corporation (NYSE: BE) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Bloom Energy Corporation in connection with certain allegedly false and misleading statements made in connection with Bloom Energy’s July 2018 initial public stock offering (the “IPO” or “Offering”).

San Jose, CA based Bloom Energy Corporation designs, manufactures, and sells solid-oxide fuel cell systems for on-site power generation. In July 2018, Bloom Energy Corporation completed its initial public offering (the IPO ), issuing approximately 18 million shares of common stock priced at $15 per share and raising approximately $284.3 million in net proceeds.

On November 5, 2018, Bloom Energy Corporation announced that it had delivered only 206 system deployments (i.e., acceptances ) for the quarter, significantly below even the low end of 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, well below the more than 300 acceptances that analysts expected.

On February 5, 2019, Bloom Energy Corporation announced its fourth quarter and full year 2018 financial results. Bloom Energy Corporation reported that its annual Total Revenue rose from $375.99 million in 2017 to $742.03 million in 2018 and that Net Loss declined from $262.59 million in 2017 to $241.75 million in 2018. Shares of Bloom Energy Corporation (NYSE: BE) declined from as high as $36.59 per share in September 2018 to as low as $8.88 per share in January 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Bloom Energy Corporation (NYSE: BE) common shares, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that the Registration Statement was materially misleading as it failed to disclose known events and trends that were severely affecting the Company’s business and that made investment in Bloom Energy significantly riskier than presented in the Registration Statement. In particular, the plaintiff alleges that the Registration Statement failed to disclose that the Company was experiencing material construction delays and that these construction delays would cause system deployments (or “acceptances” as Defendants referred to them) to fall significantly below even the low end of the Company’s previously announced guidance. The plaintiff says that while the Registration Statement purported to warn of risks that “may arise,” which could materially affect the Company, in actuality these material negative events were already occurring and that as a result, the representations and purported risk disclosures were false and misleading because, by the time of the IPO, construction delays had already impacted or would soon impact Bloom Energy’s ability to deliver acceptances in line with its guidance.