Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Capstone Turbine Corp (CPST)
November 18 2015 - 7:00PM
Gainey McKenna & Egleston announces that a class action lawsuit
has been filed in the United States District Court for the Central
District of California on behalf of all persons or entities that
purchased the securities of Capstone Turbine Corp (“Capstone” or
the “Company”) (Nasdaq:CPST) between November 7, 2013 through
November 5, 2015 (the “Class Period”), alleging violations of the
Securities Exchange Act of 1934 against the Company and certain of
its officers (the “Complaint”).
The Complaint alleges that Defendants issued
materially false and misleading statements to investors and/or
failed to disclose that: (1) BPC Engineering (“BPC”), one of
Capstone’s main Russian distributors, was unlikely to be able to
fulfill many of its legal and financial obligations to Capstone;
(2) Capstone failed to make appropriate adjustments to its accounts
receivable and backlog to account for BPC’s inability to fulfill
its obligations to Capstone; (3) Capstone issued financial
statements in violation of Generally Accepted Accounting
Principles; (4) Capstone lacked adequate internal controls over
accounting; and (5) as a result of the foregoing, Defendants’
public statements about Capstone’s business, operations, and
prospects were false and misleading and/or lacked a reasonable
basis at all relevant times. When the true details entered
the market, the lawsuit claims that investors suffered damages.
If you wish to serve as lead plaintiff, you must
move the Court no later than January 15,
2016. A lead plaintiff is a representative party
acting on behalf of other class members in directing the
litigation. If you wish to join the litigation, or to discuss
your rights or interests regarding this class action, please
contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of
Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at
tjmckenna@gme-law.com or gegleston@gme-law.com.
This may be considered attorney advertising in
some jurisdictions and prior results do not guarantee a similar
outcome with respect to any future matter.
Please visit our website at
http://www.gme-law.com for more information about the firm.
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