Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in Capstone Turbine Corp. to Contact ...
19 November 2015 - 10:24AM
The securities litigation law firm of Brower Piven, A Professional
Corporation, announces that a class action lawsuit has been
commenced in the United States District Court for the Central
District of California on behalf of purchasers of Capstone Turbine
Corp. (Nasdaq:CPST) (“Capstone” or the “Company”) securities during
the period between November 7, 2013 and November 5, 2015, inclusive
(the “Class Period”). Investors who wish to become proactively
involved in the litigation have until January 15, 2016 to seek
appointment as lead plaintiff.
If you have suffered a loss from investment in
Capstone securities purchased on or after November 7, 2013 and held
through the revelation of negative information during and/or at the
end of the Class Period, as described below, and would like to
learn more about this lawsuit and your ability to participate as a
lead plaintiff, without cost or obligation to you, please visit our
website at http://www.browerpiven.com/currentsecuritiescases.html.
You may also request more information by contacting Brower Piven
either by email at hoffman@browerpiven.com or by telephone at (410)
415-6616. No class has yet been certified in the above action.
Members of the Class will be represented by the lead plaintiff and
counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you
and the Class, you must apply to be appointed lead plaintiff and be
selected by the Court. The lead plaintiff will direct the
litigation and participate in important decisions including whether
to accept a settlement for the Class in the action. The lead
plaintiff will be selected from among applicants claiming the
largest loss from investment in Company securities during the Class
Period. Brower Piven also encourages anyone with information
regarding the Company’s conduct during the period in question to
contact the firm, including whistleblowers, former employees,
shareholders and others.
The complaint accuses the defendants of
violations of the Securities Exchange Act of 1934 by virtue of the
defendants’ failure to disclose during the Class Period that BPC
Engineering (“BPC”), one of the Company’s main Russian
distributors, was unlikely to be able to fulfill many of its legal
and financial obligations to Capstone, that Capstone failed to make
appropriate adjustments to its accounts receivable and backlog to
account for BPC’s inability to fulfill its obligations to Capstone,
and that, as such, Capstone issued financial statements in
violation of Generally Accepted Accounting Principles. According to
the complaint, following the October 1, 2015 Capstone announcement
that disclosing that its preliminary second quarter earnings were
notably below management’s expectations and analysts’ consensus
estimates as difficulty in the oil and gas market and a strong U.S.
dollar delayed orders and shipments and that the Company received
no significant payments from its Russian distributor who had been
one of its largest customers, the value of Capstone shares declined
significantly.
Attorneys at Brower Piven have extensive
experience in litigating securities and other class action cases
and have been advocating for the rights of shareholders since the
1980s. If you choose to retain counsel, you may retain Brower Piven
without financial obligation or cost to you, or you may retain
other counsel of your choice. You need take no action at this time
to be a member of the class.
CONTACT:
Charles J. Piven
Brower Piven, A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153
Telephone: 410-415-6616
hoffman@browerpiven.com
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