FuelCell Energy, Inc. NASDAQ: FCEL

A securities class action has been filed against FuelCell Energy, Inc. (“FuelCell” or the “Company”) (NASDAQ: FCEL) on behalf of investors who purchased or otherwise acquired the Company's securities between June 24, 2026 and September 1, 2026, inclusive (the “Class Period”). FuelCell, together with its subsidiaries, designs, develops, produces, constructs, operates, and services high-temperature fuel cells for clean electric power generation.

On June 24, 2026, FuelCell announced a capital equipment purchase agreement (“CEPA”) with Fit Energy USA LP for up to 380 MW of fuel cell power for data centers, with an initial committed 30 MW phase (“Phase 0”) that included an immediate deposit. The complaint alleges that, throughout the Class Period, defendants failed to disclose that the Company's manufacturing capacity was inadequate to generate the production rate required under the CEPA; that, as a result, FuelCell's annualized production rate for CEPA deliveries was slower than expected and the Company was incurring higher product costs and manufacturing overhead expenses; that the Company was reasonably likely to incur charges in connection with the CEPA as a result of the slower production rate; and that, as a result, defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On September 2, 2026, before the market opened, FuelCell reported fiscal third-quarter 2026 results showing a net loss of $45.3 million, which the Company attributed to a higher gross loss than the prior-year period caused by product costs and manufacturing overhead that exceeded the contractual pricing established under the CEPA. FuelCell also reported that its annualized production rate remained below the volume at which it expects its cost structure to align with market-based CEPA pricing, and recorded a $17 million charge reflecting contractual pricing provisions tied to Phase 0 inventory and firm purchase commitments. On this news, FuelCell shares fell $2.68, or 15.69%, to close at $14.40 per share on September 2, 2026, on unusually heavy trading volume.