FUELCELL ENERGY, INC. (NASDAQ: FCEL) INVESTIGATION: Johnson Fistel Investigates Potential Securities Claims
SAN DIEGO, Sept. 02, 2026 (GLOBE NEWSWIRE) -- Johnson Fistel, PLLP, a leading stockholder rights law firm, is investigating FuelCell Energy, Inc. (NASDAQ: FCEL) on behalf of investors who may have suffered losses following the Company’s recent public stock offering and subsequent disclosure of significant costs and losses associated with a commercial agreement. If you purchased FuelCell Energy securities and suffered losses, click here to learn more about the investigation.
Why Is Johnson Fistel Investigating FuelCell Energy?
In July 2026, FuelCell Energy completed an underwritten public offering of 12,321,429 shares of common stock, including the underwriters’ full exercise of their option to purchase additional shares, at $21.00 per share. The offering generated approximately $245.5 million in net proceeds. FuelCell stated that it intended to use the proceeds for capital expenditures related to expanding manufacturing capacity to support growth, working capital, and general corporate purposes.
The offering followed FuelCell Energy’s announcement of a commercial agreement with Fit Energy. The agreement included an initial 30 MW phase for which payment obligations became effective upon execution. Fit Energy may elect, at its sole option, to proceed with three additional phases totaling 350 MW, potentially bringing the agreement’s overall capacity to 380 MW. FuelCell also stated that the agreement further validated its decision to scale its operations to 500 MW.
On September 2, 2026, FuelCell reported its fiscal third-quarter results and disclosed that its product costs and manufacturing overhead currently exceeded the contractual pricing established under the Fit Energy agreement. FuelCell recorded approximately $17 million in charges associated with the initial 30 MW phase, consisting of approximately $4 million to reduce the carrying value of certain inventory to net realizable value and approximately $13 million for losses on firm purchase commitments.
Following the announcement, FuelCell shares declined sharply in trading on September 2, 2026.
Johnson Fistel is investigating whether FuelCell Energy’s July 2026 offering materials adequately disclosed material information concerning the expected economics of the initial phase of the Fit Energy agreement, including whether FuelCell’s then-current product costs and manufacturing overhead exceeded the agreement’s contractual pricing and whether the resulting inventory and purchase-commitment charges were known or reasonably estimable at the time of the offering.
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Johnson Fistel, PLLP is a nationally recognized shareholder rights law firm with offices in California, New York, Georgia, Idaho, and Colorado. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. The firm also represents foreign investors who have purchased securities on U.S. exchanges.
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