The legal action, initiated by the firm Hagens Berman, targets FuelCell executives including CEO Jason B. Few and CFO Michael S. Bishop. The complaint centers on a June 2026 Capital Equipment Purchase Agreement with Fit Energy USA LP. While FuelCell promoted the deal to supply 380 megawatts of power to data centers—and subsequently raised $245.5 million through a public stock offering at $21 per share—the lawsuit claims the company concealed critical operational failures.

According to the allegations, FuelCell lacked the manufacturing capacity to meet contract requirements, leading to production costs that far exceeded agreed-upon pricing. These issues culminated on September 2, 2026, when the company reported a $45.3 million net loss, including $17 million in charges directly tied to the Fit Energy agreement. Following the disclosure, FuelCell stock dropped nearly 16% in one session. Hagens Berman partner Reed Kathrein noted the firm is investigating whether these manufacturing limitations were intentionally obscured from the market. Shareholders seeking to participate in the litigation are encouraged to contact the firm before the November deadline.