LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired securities of Ballard Power Systems Inc. (“Ballard” or the “Company”) (NASDAQ: BLDP) securities between September 30, 2016, and January 25, 2018, inclusive (the “Class Period”). Ballard investors have until March 20, 2018 to file a lead plaintiff motion.
To obtain information or actively participate in the class action, please visit the Ballard page on our website at www.glancylaw.com/case/ballard-power-systems-inc. Investors that suffered losses on their Ballard investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to firstname.lastname@example.org.
On January 25, 2018, Spruce Point Capital Management published a report asserting, among other things, that Ballard misrepresented its operations. For example, the report alleges that contrary to Ballard’s public statements, “there are no demonstration lines operating in Guangdong and that no bus lines are in service in Sanshui or Yunfu.” The report further stated that local press releases indicate that Foshan has produced 114 fuel cell vehicle buses, but that a Foshan employee claimed that “far fewer buses have been produced to date and only 11 are licensed.” On this news, shares of Ballard fell $0.52, or over 13%, to close at $3.27 on January 25, 2018, thereby injuring investors.
The Complaint filed in this class action 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.
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If you purchased shares of Ballard during the Class Period you may move the Court no later than March 20, 2018 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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