According to the Complaint, Ballard engages in the design, development, manufacture, sale, and service of proton exchange membrane (PEM) fuel cells worldwide.
The Complaint alleges that throughout the Class Period, Defendants made statements that were materially false and/or misleading because they misrepresented and failed to disclose the following adverse facts pertaining to the Company’s business, operational and financial results, which were known to Defendants or recklessly disregarded by them. Specifically, the Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) Ballard overstated the operations of its China-based partners Broad Ocean and Synergy; (2) there are no demonstration lines operating in Guangdong and no bus lines are in service in Sanshui or Yunfu; (3) Foshan has produced far fewer buses than Ballard has indicated, and only 11 are licensed; and (4) as a result, Defendants’ public statements were materially false and misleading at all relevant times.
This case was voluntarily dismissed on April 12, 2018. A related case continues under Docket 18-CV-01137 in the Southern District of New York.
On April 3, 2018, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on June 22. Defendants filed a Motion to Dismiss the amended Complaint on August 21. On March 20, 2019, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint.