BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith 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 28, 2018 to file a lead plaintiff motion.
Investors that suffered losses on their Ballard investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 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.
If you purchased shares of Ballard, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
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