FuelCell Energy Inc (FCEL)

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We have new evidence which proves that management was aware of the LIPA award losses while it sold millions of shares to investors. We also believe current disclosures lack full transparency and omit material information. In light of this, we believe investors should discount the value of FuelCell’s backlog in addition to current and future project awards.
Exhibit 3. FuelCell sold over 100m shares after learning of project cancellations


FuelCell Energy (NASDAQ: FCEL) lost two large power project awards in 2019 with the Long Island Power Authority (LIPA) but never disclosed this to investors. Despite learning of LIPA’s decision, management continued to cite the awards in filings and conference calls as significant business that would soon enter official backlog. After we published evidence of the award losses, FuelCell responded by claiming our report was “misleading” but failed to mention a single inaccuracy. And only after our report did FuelCell begin disclosing the possibility of the project cancellations

FuelCell sold over 100m shares after learning of project cancellations