According to the Complaint, Bloom Energy Corporation designs, manufactures, and sells solid-oxide fuel cell systems for on-site power generation. The fuel cell systems, or Energy Servers, convert fuel into electricity without combustion, providing efficient energy generation with reduced operating costs and lower greenhouse gas emissions.

In July 2018, Bloom Energy commenced the initial public stock offering, issuing approximately 18 million shares of its common stock to the investing public at $15.00 per share, all pursuant to the Registration Statement.

The Complaint alleges 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 Complaint alleges the Registration Statement failed to disclose that the Company was experiencing material construction delays. These construction delays would cause system deployments to fall significantly below even the low end of the Company’s previously announced guidance.

On September 3, 2019, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on November 4. On April 21, Lead Plaintiff filed a second amended Complaint. Defendants filed a Motion to Dismiss the second amended Complaint on July 1. On September 29, 2021, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint.

On January 10, 2023, the parties filed a joint notice of Settlement, agreeing to update the status of the Settlement by February 14. On June 30, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on October 31.