NEW YORK--(BUSINESS WIRE)--Pomerantz LLP announces that a class action lawsuit has been filed against Ballard Power Systems, Inc. (“Ballard” or the “Company”) (NASDAQ: BLDP) and certain of its officers. The class action, filed in United States District Court, for the Southern District of New York, and docketed under 18-cv-01137, is on behalf of a class consisting of investors who purchased or otherwise acquired Ballard securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Ballard securities between September 30, 2016, and January 25, 2018, both dates inclusive, you have until March 28, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at email@example.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Ballard designs, develops, manufactures, sells and service hydrogen fuel cells for a range of applications. The Company's products and services are used in many industries such as materials handling, residential cogeneration, backup power and transportation. Ballard has represented to investors that the Company has been deploying its technologies in various parts of China, in conjunction with local partners Broad Ocean and Synergy JV.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company had overstated the operations of its China-based partners Broad Ocean and Synergy JV; (ii) Ballard’s technologies had not been deployed in China to the extent the Company had represented; and (iii) as a result of the foregoing, Ballard shares traded at artificially inflated prices during the Class Period, and class members suffered significant losses and damages.
On January 25, 2018, Spruce Point Capital Management reported that Ballard overstated the operations of its China-based partners Broad Ocean and Synergy JV. In part, the Spruce Point report asserted that “there are no demonstration lines operating in Guangdong and that no bus lines are in service in Sanshui or Yunfu.” The report continued to state that “Ballard and local press releases indicate that [Broad Ocean customer] Foshan has produced 114 FCV buses... [but] a Foshan employee claimed that far fewer buses have been produced to date and only 11 are licensed.”
Following this news, Ballard’s share price fell $0.52, or over 13%, to close at $3.27 on January 25, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com