NEW YORK, NY / ACCESSWIRE / February 13, 2018 / Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Ballard Power Systems Inc. ("Ballard" or the "Company") (NASDAQ: BLDP) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Ballard securities between September 30, 2016 and January 25, 2018, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: http://www.bgandg.com/bldp.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements and/or failed to disclose that: (1) Ballard overstated the operations of its China-based partners Broad Ocean and Synergy; (2) there are no demonstration lines operating in Guangdong and no bus lines are in service in Sanshui or Yunfu; (3) Foshan has produced far fewer buses than Ballard has indicated, and only 11 are licensed; and (4) as a result, Defendants' public statements were materially false and misleading at all relevant times.
On January 25, 2018, Spruce Point Capital Management reported that Ballard overstated the operations of its China-based partners, Broad Ocean and Synergy JV, and said that conflicting 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 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 stock dropped $0.52 per share, or over 13%, to close at $3.27 per share on January 25, 2018.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, you can visit the firm's site: http://www.bgandg.com/bldp, or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Ballard, you have until March 28, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
SOURCE: Bronstein, Gewirtz & Grossman, LLC
