CAPSTONE TURBINE CORPORATION SHAREHOLDER ALERT: Wolf Haldenstein Adler Freeman & Herz LLP Announces That a Class Action Lawsu...
November 20 2015 - 8:00PM
Wolf Haldenstein Adler Freeman & Herz LLP 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 Corporation (“Capstone” or the “Company”) (Nasdaq:CPST)
between November 7, 2013 through November 5, 2015 (the “Class
Period”), inclusive.
Shareholders who incurred losses on shares
purchased within the Class Period are urged to contact the
firm immediately at classmember@whafh.com or (800)
575-0735 or (212) 545-4774.
If you purchased the shares of Capstone Turbine
Corporation during the period November 7, 2013 through November 5,
2015, inclusive, you may, no later than January 15,
2016, request that the Court appoint you lead plaintiff of
the proposed class.
According to the filed complaint, from 2013 to
2015, Capstone issued a series of press releases touting positive
operating results, along with filings with the U.S. Securities and
Exchange Commission (SEC) reaffirming those results. However, the
complaint alleges that these statements were misleading because
Capstone failed to disclose that BPC Engineering ("BPC"), one of
the company's main Russian distributors, was unlikely to be able to
fulfill many of its legal and financial obligations to Capstone,
and that it failed to make appropriate adjustments to its accounts
receivable and backlog to account for this. The complaint further
alleges that Capstone issued financial statements in violation of
Generally Accepted Accounting Principles (GAAP) and that the
company lacked adequate internal controls over accounting.
On October 1, 2015, Capstone issued a press release
disclosing that its preliminary second quarter earnings were
notably below management's expectations and analysts' consensus
estimates due to delayed orders and shipments. It further disclosed
that it received no significant payments from its Russian
distributor, who until recently was one of its largest customers.
On this news, shares of Capstone fell $0.09, or more than 25% per
share, to close at $0.25 on October 1, 2015. Then, on November 6,
2015, after Capstone disclosed a second quarter 2015 net loss of
$7.9 million, or $0.02 per share for the quarter, Capstone stock
fell $0.02 per share, or more than 7%, to close at $0.20.
Wolf Haldenstein has extensive experience in the
prosecution of securities class actions and derivative litigation
in state and federal trial and appellate courts across the country.
The firm has attorneys in various practice areas; and offices in
New York, Chicago and San Diego. The reputation and expertise of
this firm in shareholder and other class litigation has been
repeatedly recognized by the courts, which have appointed it to
major positions in complex securities multi-district and
consolidated litigation.
If you wish to discuss this action or have any
questions regarding your rights and interests in this case, please
immediately contact Wolf Haldenstein Adler Freeman & Herz LLP
by telephone at (800) 575-0735, via e-mail at
classmember@whafh.com, or visit our website at
www.whafh.com. All e-mail correspondence should make reference
to the “Capstone Turbine Investigation.”
Attorney Advertising. Prior results do not
guarantee or predict a similar outcome.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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