We are investigating Bloom Energy Corporation (BE) (“Bloom Energy” or the “Company”) for potential violations of the federal securities laws.
In July 2018, BloomEnergy completed its initial public offering (the “IPO”), issuing approximately 18 million shares of common stock priced at $15 per share and raising approximately $284.3 million in net proceeds. On November 5, 2018, Bloom Energy announced that it had delivered only 206 system deployments (i.e., “acceptances”) for the quarter, significantly below even the low end of its previously provided guidance of 215 to 235 acceptances. In addition, the Company provided guidance of only 225 to 275 acceptances for the fourth quarter of 2018, well below the more than 300 acceptances that analysts expected. Following this news, Bloom Energy’s stock price fell $5.76 per share, or 25.03%, to close at $17.25 per share on November 6, 2018. Since the IPO, Bloom Energy’s stock has traded as low as $9.21 per share, significantly below the $15 offering price.