Settlement Against Bloom Energy Corp. is Preliminarily Approved

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Published January 5, 2024

In the case captioned Elissa M. Roberts v. Bloom Energy Corp., et al., Case No. 4:19-cv-02935-HSG, a settlement has been reached and was preliminarily approved on October 31, 2023. The settlement provides for the payment of $3 million to eligible class members.  Lead Plaintiff James Everett Hunt and Plaintiffs Juan Rodriguez, Kurt Voutaz, Joel White, Andrew Austin, and Ryan Fishman alleged violations of §§ 11 and 15 of the Securities Act of 1933 and violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 based on false and misleading misstatements that the company relating to i) loss contingencies; ii) accounting; iii) weaknesses in internal controls; iv) the life cycle of its fuel cells; v) construction delays affecting its business; and vi) the efficiency and pollution output of its Energy Servers.

The hearing on the Motion for Final Approval is scheduled for April 18, 2024. A copy of the settlement notice can be viewed here.