Article: Investor Alert: Kaplan Fox Investigates FuelCell Energy, Inc. For Potential Securities Fraud

Article - Media, Publications

Investor Alert: Kaplan Fox Investigates FuelCell Energy, Inc. For Potential Securities Fraud

Kaplan Fox & Kilsheimer LLP, 06 October 2020

NEW YORK, Oct. 6, 2020 /PRNewswire/ — Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors who purchased shares of FuelCell Energy, Inc. (“FuelCell Energy” or the “Company”) (NASDAQ: FCEL), a manufacturer of fuel cell power plants for electric power generation.

In 2017, FuelCell Energy reportedly won three significant contract awards from PSEG Long Island worth up to $800 million in future revenue potential over the life of the contracts. On October 2, 2020, FuelCell Energy closed a secondary public offering of stock by selling about 50 million shares of common stock at $2.10 per share.
Continue reading “Article: Investor Alert: Kaplan Fox Investigates FuelCell Energy, Inc. For Potential Securities Fraud”

Article: FuelCell Energy Disputes Misleading Claims of Short Seller

Article - Media, Publications

FuelCell Energy Disputes Misleading Claims of Short Seller

FuelCell Energy, Inc., 06 October 2020

DANBURY, Conn., Oct. 06, 2020 (GLOBE NEWSWIRE) — FuelCell Energy, Inc. (Nasdaq: FCEL) (“FuelCell Energy” or the “Company”) yesterday became aware of claims made by an apparent short seller about the Company that are misleading and contain factual inaccuracies. FuelCell Energy emphatically denies these claims related to its disclosures with respect to the LIPA 2 and LIPA 3 power project awards.

These awards are not, and never have been, part of FuelCell Energy’s backlog, and have no impact on the Company’s 2022 financial goals, including revenue growth and adjusted EBITDA. As FuelCell Energy has consistently reported, its LIPA Yaphank project, currently under construction and for which there is a signed power purchase agreement, is included in the backlog and 2022 revenue projections.
Continue reading “Article: FuelCell Energy Disputes Misleading Claims of Short Seller”

Article: FuelCell Energy Under Investigation for PPP Loan

Article - Media, Publications

FuelCell Energy Under Investigation for PPP Loan

Howard Smith, 19 June 2020

Connecticut-based FuelCell Energy (NASDAQ:FCEL) is being investigated by the Securities and Exchange Commission (SEC) over its acceptance of a $6.5 million CARES Act PPP loan. The PPP program allocated up to $349 billion to help small businesses affected by closures due to the COVID-19 pandemic. The intent was to help the businesses maintain employees on the payroll for up to eight weeks, including providing benefits. Companies were also permitted to use the funds for rents, utilities, and mortgages.

FuelCell Energy is now being investigated over its application for, and acceptance of, a $6.5 million loan in April, according to a Financial Times report. The company said the information request from the SEC was voluntary, and that it is cooperating with the investigation, according to the report.
Continue reading “Article: FuelCell Energy Under Investigation for PPP Loan”