SAN DIEGO & BURNABY, British Columbia –Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Ballard Power Systems Inc. (NasdaqGM: BLDP) filed a class action complaint for alleged violations of the Securities Exchange Act of 1934 by Ballard’s officers and directors between September 30, 2016 and January 25, 2018. Ballard designs, develops, manufactures, and sells proton exchange membrane fuel cells worldwide.
View this information on the law firm’s Shareholder Rights Blog: www.robbinsarroyo.com/ballard-power-systems-inc
Ballard Accused of Overstating the Operations of its China-Based Partners
According to the complaint, on September 30, 2016, Ballard announced the commissioning and deployment of 12 of its fuel cell-powered buses in China. Ballard’s CEO called it the “largest deployment of fuel cell buses in China’s history,” noting its impact on responsibly addressing air quality and stimulating local economic development. Ballard continued to represent that the company was deploying its technologies in various parts of China in conjunction with local partners Zhongshan Broad-Ocean Motor Co., Ltd. (“Broad-Ocean”) and Guangdong Synergy Ballard Hydrogen Power Co. (“Synergy”). Nearly a year later, on September 6, 2017, Ballard announced the opening of Synergy’s production facility in Yunfu, noting, “With Ballard’s brand strength, technology leadership and field experience, we believe the Company is uniquely positioned to address the fast-growing market for [Fuel Cell Electric Vehicles] in Heavy Duty Motive applications in China and around the globe.”
It came as a surprise to investors when Spruce Point Capital Management reported on January 25, 2018, that there were neither demonstration lines in Guangdong nor bus lines in service in Sanshui or Yunfu. The report further revealed that although Ballard indicated that Broad-Ocean customer Foshan had produced 114 buses, a Foshan employee reported that far fewer buses had been produced to date and only 11 were licensed. On this news, Ballard’s stock dropped over 13% to close at $3.27 per share on January 25, 2018, and closed even lower at $3.17 per share on February 12, 2018.
Ballard Shareholders Have Legal Options
If you would like more information about your rights and potential remedies, contact attorney Leonid Kandinov at (800) 350-6003, [email protected], or via the shareholder information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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