Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Ballard Power Systems (NASDAQ: BLDP) in connection to alleged violations of securities laws by BLDP. Fitapelli Kurta is interested in speaking to investors who have complaints regarding investments made in Ballard Power Systems from September 30, 2016 until January 25, 2018.
The class action complaint specifically alleges that during the period in question, BLDP might have provided false and/or misleading material information, and/or failed to disclose adverse material information, namely: that the company made overstatements regarding the operations of Broad Ocean and Synergy, its partners based in China; that there are no bus lines operating in Yunfi and Sanshui; that no demonstration lines are running in Guangdong; that Ballard indicated Foshan produced more buses than it had; that of the buses Foshan produced, only eleven had licenses; and that consequently the company’s statements to the public during the relevant period were false and misleading. When Spruce Point Capital Management released a report on January 25, 2018 stating that Ballard made overstatements regarding Broad Ocean and Synergy JV—a report that also stated, among other things, “there are no demonstration lines operating in Guangdong and that no bus lines are in service in Sanshui or Yunfu,” contradicting the company’s statements—BLDP declined more than 13%, or $0.52/share, closing at $3.27/share on that day. The complaint alleges that when true facts came to light, investors suffered losses.
According to the company’s website, Ballard Power Systems is an energy company whose description whose vision is to be “the leading global provider of innovative clean energy solutions offering superior performance at a reduced operating cost.” Operating around the world, Ballard develops zero-emission fuel cells and related clean energy systems. The company trades on the Nasdaq exchange under the symbol BLDP.