SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders With Losses on Their Investment in Capstone Turbine Corporation o...
December 14 2015 - 8:00AM
Pomerantz LLP announces that a class action lawsuit has been filed
against Capstone Turbine Corporation (“Capstone” or the “Company”)
(NASDAQ:CPST) and certain of its officers. The class action, filed
in United States District Court, Central District of California,
and docketed under 15-cv-09155, is on behalf of a class consisting
of all persons or entities who purchased Capstone securities
between November 7, 2013 and November 5, 2015 inclusive (the “Class
Period”). 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 “Exchange Act”).
If you are a shareholder who purchased Capstone
securities during the Class Period, you have until Jan 15, 2016 to
ask the Court to appoint you as Lead Plaintiff for the class.
A copy of the Complaint can be obtained at www.pomerantzlaw.com. To
discuss this action, contact Robert S. Willoughby at
rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll
free, ext. 9980. Those who inquire by e-mail are encouraged to
include their mailing address, telephone number, and number of
shares purchased.
Capstone develops, manufactures, markets and
services microturbine technology solutions for use in stationary
distributed power generation applications, including cogeneration
(combined heat and power, integrated combined heat and power, and
combined cooling, heat and power), renewable energy, natural
resources, and critical power supply. In addition, the
Company’s microturbines can be used as battery charging generators
for hybrid electric vehicle applications. Microturbines can
purportedly produce power on-site in parallel with the electric
grid or stand alone when no utility grid is available.
The Complaint alleges that throughout the Class
Period, Defendants made false and/or misleading statements, as well
as failed to disclose material adverse facts about the Company’s
business, operations, and prospects. Specifically, Defendants
made false and/or misleading statements and/or failed to disclose:
(1) 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; (2) that 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) that, as such, Capstone issued financial statements
in violation of Generally Accepted Accounting Principles (“GAAP”);
(4) that, as a result of the foregoing, the Company’s financial
statements, as well as Defendants’ statements about Capstone’s
business, operations, and prospects, were false and misleading
and/or lacked a reasonable basis.
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 as continued headwinds in the oil and gas market and a
strong U.S. dollar delayed orders and shipments in the
quarter.” The Company 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 per
share, or more than 25%, to close at $0.25 on October 1, 2015, on
unusually heavy trading volume.
On November 5, 2015, after the market closed,
Capstone disclosed its second quarter 2015 results. The
Company disclosed a net loss of $7.9 million, or $0.02 per share,
for the quarter.
On this news, Shares of Capstone fell $0.02, or
more than 7%, to close at $0.20 on November 6, 2015, on unusually
heavy trading volume.
The Pomerantz Firm, with offices in New York,
Chicago, Florida, and Los Angeles, is acknowledged as one of the
premier firms in the areas of corporate, securities, and antitrust
class litigation. Founded by the late Abraham L. Pomerantz, known
as the dean of the class action bar, the Pomerantz Firm pioneered
the field of securities class actions. Today, more than 70 years
later, the Pomerantz Firm continues in the tradition he
established, fighting for the rights of the victims of securities
fraud, breaches of fiduciary duty, and corporate misconduct. The
Firm has recovered numerous multimillion-dollar damages awards on
behalf of class members. See www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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