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Capstone Turbine Corp.

Case Summary

Capstone Turbine Corp. Securities Litigation

Case Summary

Case Status:    ONGOING    
On or around 02/09/2018 (Ongoing date of last review)

Filing Date: November 16, 2015

According to the law firm press release, Capstone develops, manufactures, markets and services microturbine technology solutions for use in stationary distributed power generation applications, including cogeneration (combined heat and power, integrated combined heat and power, and combined cooling, heat and power), renewable energy, natural resources and critical power supply.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose the following: (1) that BPC Engineering (“BPC”), one of the Company’s main Russian distributors, was unlikely to be able to fulfill many of its legal and financial obligations to Capstone; (2) that Capstone failed to make appropriate adjustments to its accounts receivable and backlog to account for BPC’s inability to fulfill its obligations to Capstone; (3) that Capstone issued financial statements in violation of Generally Accepted Accounting Principles (“GAAP”); (4) that the Company lacked adequate internal controls over accounting; and (5) that, as a result of the foregoing, the Company’s financial statements, as well as Defendants’ statements about Capstone’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

On May 6, 2016, a consolidated Complaint was filed. A second amended Complaint was filed on April 28, 2017. Defendants filed a Motion to Dismiss the second amended Complaint on June 2. On February 9, 2018, the Court issued an Order denying the Motion to Dismiss.

Company & Securities Information

Defendant: Capstone Turbine Corp.

COMPANY INFORMATION:

Sector: Capital Goods
Industry: Misc. Capital Goods
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: CPST
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.

First Identified Complaint

David Kinney, et al. v. Capstone Turbine Corp., et al.

COURT: C.D. California
DOCKET #: 15-CV-08914
JUDGE: Hon. Dolly M. Gee
DATE FILED: 11/16/2015
CLASS PERIOD START: 11/07/2013
CLASS PERIOD END: 11/05/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Prongay & Murray LLP
    1925 Century Park East, Suite 2100 , Glancy Prongay & Murray LLP, CA 90067
    (310) 201-9150 (310) 432-1495 ·
  2. Law Offices of Howard G. Smith
    3070 Bristol Pike, Suite 112, Law Offices of Howard G. Smith, PA 19020
    215.638.4847 215.638.4867 ·
First Identified Complaint (FIC) Filings:
No Document Title Filing Date
1 Class Action Complaint for Violations of the Federal Securities Laws 11/16/2015
2 U.S. District Court Civil Docket 11/18/2015
3 Order Consolidating Actions, Appointing Lead Plaintiff, and Appointing Lead Counsel 02/29/2016

Reference Complaint

In re Capstone Turbine Corp. Securities Litigation

COURT: C.D. California
DOCKET #: 15-CV-08914
JUDGE: Hon. Dolly M. Gee
DATE FILED: 04/28/2017
CLASS PERIOD START: 06/12/2014
CLASS PERIOD END: 11/05/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Prongay & Murray LLP
    1925 Century Park East, Suite 2100 , Glancy Prongay & Murray LLP, CA 90067
    (310) 201-9150 (310) 432-1495 ·
Reference Complaint (REF) Filings:
No Document Title Filing Date
1 Consolidated Amended Class Action Complaint for Violations of the Federal Securities Laws 05/06/2016
2 Consolidated Second Amended Class Action Complaint for Violations of the Federal Securities Laws 04/28/2017
3 In Chambers - Order Denying Defendants' Motion to Dismiss [85] 02/09/2018
4 U.S. District Court Civil Docket 02/09/2018
 
 

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