Trending...
- Plaza Mexico presents "Good Friday Celebration" - 120
- California: Governor Newsom announces appointments 3.20.2026
- California announces 300 wildfire projects fast-tracked in 300 days
SAN FRANCISCO, Feb. 12, 2020 /PRNewswire/ -- Hagens Berman urges Bloom Energy Corporation (NYSE: BE) investors who have suffered significant losses to submit their loss now to learn if they qualify to recover their investment losses. The firm is investigating possible securities fraud and certain Bloom investors may have valuable claims.
Bloom Energy Corporation (BE) Investigation:
The investigation centers on whether Bloom and senior executives misled investors about the Company's revenue recognition practices.
More on The Californer
On Feb. 12, 2020, after the market closed, the Company admitted Bloom's previously issued financial statements for 2018, as well as those for the first three quarters of 2019, should no longer be relied on.
Bloom blamed this shocking development on improper revenue recognition for the Company's Managed Services Agreements ("MSAs"). More specifically, Bloom divulged that it had improperly recorded revenue for the impacted MSAs up front, instead of over their life as required by GAAP. Bloom admitted that as a result it: (1) overstated revenues by $165 million to $180 million; (2) expects to report an increase in operating loss in a range of $20 million to $35 million; and, (3) expects to report an increase in net loss in a range of $55 million to $75 million.
This news drove the price of Bloom shares sharply lower during aftermarket trading on Feb. 12, 2020.
"We're focused on recovering investors' substantial losses and determining whether Bloom's improper revenue recognition practices were intentional," said Reed Kathrein, the Hagens Berman partner leading the investigation.
More on The Californer
Whistleblowers: Persons with non-public information regarding Bloom Energy should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email BE@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact:
Reed Kathrein, 844-916-0895
SOURCE Hagens Berman Sobol Shapiro LLP
Related Links
https://www.hbsslaw.com
Relevant Holding Period: Before Feb. 13, 2020 | |
Sign Up: www.hbsslaw.com/investor-fraud/BE | |
| Contact an Attorney Now: | BE@hbsslaw.com |
| 844-916-0895 | |
Bloom Energy Corporation (BE) Investigation:
The investigation centers on whether Bloom and senior executives misled investors about the Company's revenue recognition practices.
More on The Californer
- Governor Newsom launches campaign to recruit young men, and all Californians, to serve communities and gain job skills
- VCCCD Announces Ventura College Presidential Finalists
- Squeegex Expands Window Cleaning and Exterior Services Across 30+ San Diego Neighborhoods
- Long Beach: City Recognizes Tsunami Preparedness Week 2026: Know the Risk. Know the Route.
- Mark Dobosz Makes Donorassess.org Free To Every Nonprofit On The Planet
On Feb. 12, 2020, after the market closed, the Company admitted Bloom's previously issued financial statements for 2018, as well as those for the first three quarters of 2019, should no longer be relied on.
Bloom blamed this shocking development on improper revenue recognition for the Company's Managed Services Agreements ("MSAs"). More specifically, Bloom divulged that it had improperly recorded revenue for the impacted MSAs up front, instead of over their life as required by GAAP. Bloom admitted that as a result it: (1) overstated revenues by $165 million to $180 million; (2) expects to report an increase in operating loss in a range of $20 million to $35 million; and, (3) expects to report an increase in net loss in a range of $55 million to $75 million.
This news drove the price of Bloom shares sharply lower during aftermarket trading on Feb. 12, 2020.
"We're focused on recovering investors' substantial losses and determining whether Bloom's improper revenue recognition practices were intentional," said Reed Kathrein, the Hagens Berman partner leading the investigation.
More on The Californer
- THE DASH CAM: THINKWARE Launches Big Spring Sale on Select Dash Cam Models
- Genpak Announces Closure of Utah Manufacturing Facility
- Magai V3 Launches to Deliver a Faster, Cleaner, More Capable AI Workspace
- Newborn Care Network Introduces Clinical Standard to Bridge the Six-Week Postpartum Gap
- California: Governor Newsom announces nearly $900 million for cutting-edge transportation systems of the future
Whistleblowers: Persons with non-public information regarding Bloom Energy should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email BE@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact:
Reed Kathrein, 844-916-0895
SOURCE Hagens Berman Sobol Shapiro LLP
Related Links
https://www.hbsslaw.com
Filed Under: Business
0 Comments
Latest on The Californer
- One Circle Foundation Launches Calm & Connected, a New Youth Mental Health Curriculum
- United Hotel Supply Rolls Out Upgraded PTAC & HVAC Solution for Hotels & Motels in the U.S
- Blackfoot Communications Expands Into New Rural Digital Opportunity Fund With netElastic vBNG and CGNAT Networking Software
- Colette Barris's Open Letter To Revolt's Detavio Samuels 'The BlackPrint' Interview Of Kenya Barris
- NYC Composer/Educator Launches Debut Children's Book to Fantastic Reviews
- EFA Announces 2026 Editorial Rate Chart
- Red5 Taps PubNub to Power the Next Era of Real-Time Interactive Streaming
- Connect Convenes Regional Leaders to Amplify San Diego's Innovation Momentum
- Shoutout Joseph Neibich aka Nybyk
- Meet Joseph Neibich aka Joseph Nybyk of Beachwood Canyon
- Div Zero: A Spatial Mystery Built for the Evolving Future of Apple Vision Pro
- SoCal Locksmith With 113K YouTube Subscribers Shares Car Theft Prevention Tips
- LARUS Launches Business Continuity Framework for IPv4-Dependent Networks
- 438–444 N. La Cienega Boulevard Trades in West Hollywood's Premier Design Corridor
- California Housing Crisis Sparks Growth: Dave Simmons and StrataX Development Double Down on ADU Expansion
- California and European Commission discuss cooperation to accelerate the global transition to a carbon-neutral, resilient, and equitable future
- California Lutheran University Expands Board of Regents
- KeysCaribbean Offers 'Skip-the-Crowds' Savings With 15 Percent Off April Stays
- California: Governor Newsom announces appointments 3.23.2026
- Breaking the Civilian Barrier: ResuModAI Helps Veterans Translate Military Service into Job Offers in 60 Seconds