NEW YORK, Jan. 8, 2016 /PRNewswire/ -- 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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SOURCE Pomerantz LLP