NEW YORK, Nov. 20, 2015 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of all persons or entities that purchased the securities of Capstone Turbine Corporation (“Capstone” or the “Company”) (Nasdaq:CPST) between November 7, 2013 through November 5, 2015 (the “Class Period”), inclusive.
Shareholders who incurred losses on shares purchased within the Class Period are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774.
If you purchased the shares of Capstone Turbine Corporation during the period November 7, 2013 through November 5, 2015, inclusive, you may, no later than January 15, 2016, request that the Court appoint you lead plaintiff of the proposed class.
According to the filed complaint, from 2013 to 2015, Capstone issued a series of press releases touting positive operating results, along with filings with the U.S. Securities and Exchange Commission (SEC) reaffirming those results. However, the complaint alleges that these statements were misleading because Capstone failed to disclose that BPC Engineering ("BPC"), one of the company's main Russian distributors, was unlikely to be able to fulfill many of its legal and financial obligations to Capstone, and that it failed to make appropriate adjustments to its accounts receivable and backlog to account for this. The complaint further alleges that Capstone issued financial statements in violation of Generally Accepted Accounting Principles (GAAP) and that the company lacked adequate internal controls over accounting.
On October 1, 2015, Capstone issued a press release disclosing that its preliminary second quarter earnings were notably below management's expectations and analysts' consensus estimates due to delayed orders and shipments. It further disclosed that it received no significant payments from its Russian distributor, who until recently was one of its largest customers. On this news, shares of Capstone fell $0.09, or more than 25% per share, to close at $0.25 on October 1, 2015. Then, on November 6, 2015, after Capstone disclosed a second quarter 2015 net loss of $7.9 million, or $0.02 per share for the quarter, Capstone stock fell $0.02 per share, or more than 7%, to close at $0.20.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com. All e-mail correspondence should make reference to the “Capstone Turbine Investigation.”
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