BOSTON, Feb. 12, 2020 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors and whistleblowers nationwide, informs investors that it has opened an investigation into Bloom Energy Corp. (NYSE: BE) and its officers and directors for potential violations of the federal securities laws.
On February 12, 2020, after markets closed, Bloom Energy disclosed that it would restate more than three years of financial statements due to “miscalculations.” Specifically, Bloom Energy revealed that it recognized revenue from certain customer contracts immediately, instead of over the life of the contract, as rules require. The restatements will purportedly have a material effect on five quarters of results, from the second quarter of 2018 to the third quarter of 2019, and a smaller effect on previous quarters dating back to the beginning of 2016. Bloom stock, which closed Wednesday at $10.46, fell to less than $9.50 per share in after-hours trading, a drop of almost 10%.
If you purchased or otherwise acquired Bloom Energy securities and have questions about your legal rights, or possess information relevant to this matter, you are encouraged to contact attorney Mark Delaney at (617) 398-5600, by email at mdelaney@blockesq.com, or by visiting https://shareholder.law/cases/?case=bloom.
Block & Leviton LLP was recently ranked 4th among securities litigation firms by ISS for recoveries in 2017. The firm represents many of the nation's largest institutional investors and numerous individual investors in securities litigation throughout the country. Indeed, its lawyers have recovered billions of dollars for its clients.
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CONTACT:
BLOCK & LEVITON LLP
Mark Delaney
(617) 398-5600 phone
260 Franklin Street, Suite 1860
Boston, MA 02110
mark@blockesq.com