The lawsuit, filed by Hagens Berman, alleges that CEO Jason B. Few and CFO Michael S. Bishop provided false statements concerning a high-profile Capital Equipment Purchase Agreement with Fit Energy USA LP. While the company secured $245.5 million through a public offering at $21 per share during the class period, the complaint claims management concealed that production volume was insufficient to meet contractual obligations. These operational gaps reportedly caused manufacturing costs to outpace pricing, resulting in significant gross losses.

The discrepancy surfaced on September 2, 2026, when FuelCell reported a $45.3 million net loss for the third fiscal quarter. The company disclosed $17 million in charges directly tied to the Fit Energy agreement, triggering a 16% drop in stock price. Reed Kathrein, the Hagens Berman partner overseeing the case, indicated the investigation remains centered on whether executives intentionally misrepresented production capabilities to bolster market enthusiasm. Investors who suffered losses during this window are eligible to participate in the litigation without needing to sell their shares.