A securities class action has been filed against FuelCell Energy, Inc. (FCEL) on behalf of persons and entities that purchased or otherwise acquired FuelCell securities between June 24, 2026 through September 1, 2026. This case has been filed in the USDC – SDNY.
On June 24, 2026, FuelCell announced a “strategic agreement” with Fit Energy USA LP (“Fit Energy”) to manufacture, sell and deliver carbonate fuel cell block systems “for up to 380 megawatts (MW) of clean, baseload on-site power for data centers using FuelCell Energy’s utility-scale fuel cell technology[,]” including “an immediate deposit for an initial 30 MW of power scheduled to begin delivery later this year.”
On or around July 9, 2026, FuelCell completed an underwritten public offering of common stock, selling over 12 million shares at $21 per share for net proceeds of about $245.5 million
Then, on September 2, 2026, FuelCell reported financial results for fiscal third quarter 2026 for the quarter ending July 31, 2026. During the earnings calls, FuelCell’s Chief Financial Officer (“CFO”) disclosed that the “the primary driver” of the Company’s “gross loss of $24.5 million in the third quarter of fiscal 2026 compared to a gross loss of $5.1 million in the third quarter of fiscal 2025” was “$17 million of charges recorded during the quarter, consisting of approximately $4 million to reduce the carrying value of certain inventories to net realizable, and approximately $13 million for losses on firm purchase commitments.” Further, FuelCell’s CFO stated “[b]oth were recorded in connection with Phase 0 of our CEPA with [Fit Energy] due to the fact that our current product costs and manufacturing overhead exceed the contractual pricing established under that agreement.”
Following this news, the price of FuelCell stock fell $2.68 per share, or 15.7%, to close at $14.40 per share on September 2, 2026.