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Ballard Power Systems Inc. (BLDP)

NASDAQ:BLDP

Summary

Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In Ballard Power Systems Inc. To Contact The Firm

Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Ballard Power Systems Inc. (“Ballard” or the “Company”) (NASDAQ:BLDP) of the March 28, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you invested in Ballard stock or options between September 30, 2016, and January 25, 2018 and would like to discuss your legal rights, please fill out the form below. There is no cost or obligation to you.  You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. 

The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased Ballard securities between September 30, 2016 and January 25, 2018 (the “Class Period”).  The case, Ryan Bishop v. Ballard Power Systems Inc. et al, No. 2:18-cv-00719 was filed on January 27, 2018.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the Company 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, the Company’s public statements were materially false and misleading.

Specifically, on January 25, 2018, Spruce Point Capital Management published report stating, among other things, that Ballard overstated the operations of its China-based partners Broad Ocean and Synergy.  In addition, the report stated, in part, 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.”

On this news, Ballard’s share price fell from $3.79 per share on January 24, 2018 to a closing price of $3.27 on January 25, 2018—a $0.52 or a 13.72% drop.

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  • Case:
    Ballard Power Systems Inc. (BLDP)
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Contact Counsel

Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330

Email:

Case Details

Date:

  • 01/29/2018

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