FuelCell Energy, Inc. (FCEL) Investigation

On June 23, 2026, FuelCell announced that it and Fit Energy entered into a capital equipment purchase agreement (“CEPA”) under which Fit would purchase FuelCell’s carbonate fuel cell block systems whose total aggregate generating capacity was up to 380 megawatts (“MW”) across four phases.

CEO Jason Few said, “[t]his agreement further validates our decision to scale our operations to 500 MW, preserving our ability to serve a broad and growing pipeline of customers.”

Then, on or about July 7, 2026 (three weeks before its quarter ended on July 31, 2026), FuelCell issued about 12 million shares at $21 per share. While the offering documents disclosed the structure and terms under the CEPA, they may not have been sufficiently transparent about financial pressures already occurring.

Investors learned more on September 2, 2026, when FuelCell reported a Q3 2026 gross loss of $24.5 million compared to the year earlier quarter gross loss of $5.1 million. The company blamed the 380% increase on $17 million of charges “recorded in connection with Phase 0 of our capital equipment purchase agreement, or CEPA with Fit Energy, due to the fact that our current product costs and manufacturing overhead exceed the contractual pricing established under that agreement.”  

The market swiftly reacted, sending the price of FuelCell shares down $2.68 (-15.7%) to close at $14.40, about 31% lower than the offering price.

FREQUENTLY ASKED QUESTIONS ABOUT THE CASE

What is the FCEL investigation about?

We are focused on whether FuelCell may have misled investors about its product costs and overhead, and if so, whether there may be an adverse impact on Fit Energy’s decisions to proceed with the remaining phases of the CEPA.

WHAT SHOULD I DO?

I worked at FCEL. What should I do?

If you were an employee of FCEL, you may have valuable information that could be relevant to the investigation. Hagens Berman is one of the nation’s top whistleblower law firms, and has successfully represented many individuals who come forward with information regarding corporate malfeasance. Under the new SEC Whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, contact Reed Kathrein at 844-916-0895 or [email protected].

There are multiple law firms participating, do I need to contact all of them?

No, you do not need to contact all participating law firms. Generally, class-action investigations and lawsuits are consolidated into a single case to streamline the legal process, and attorneys from only a few law firms are selected to serve in a leadership role on the consolidated case. Hagens Berman has a proven track record of being appointed to leadership roles in complex, multidistrict litigation regarding investor fraud and other consumer rights issues, and your claim will be handled by attorneys who have helped secure approximately $325 billion in class-action settlements on behalf of individuals who have suffered due to corporate malfeasance and the wrongdoing of other powerful institutions.

AM I ELIGIBLE?

What is the threshold amount to be eligible? What are “substantial” losses?

The threshold amount and the definition of "substantial" losses may vary depending on a number of factors specific to the case, including the size of the company, market cap, shares outstanding and who holds them and the damages alleged by the fraud. In general, to be eligible to participate in a class-action lawsuit, you must be able to demonstrate that you suffered financial losses as a result of the alleged wrongdoing and that your losses meet the criteria set by the court or law firm. Fill out the form and submit your losses.

CAN I PARTICIPATE?

Am I affected? What do I need to do to participate?

If you were an investor in FCEL, you may be affected and eligible to participate in the case. To determine your eligibility and potential involvement, fill out the form and submit your losses.

Can any FCEL investor participate?

In most class-action investigations and cases, any investor who meets the eligibility criteria, including purchasing the shares during the relevant period, can participate, regardless of the size of their investment. Fill out the form to find out your rights.

I bought on a non-U.S. Exchange. Can I participate?

No. This investigation only covers shares bought on a U.S. exchange, i.e. NASDAQ or NYSE. Fill out the form to find out your rights.

Am I included if I still hold my shares, or do I need to sell to participate?

Participation is based on purchasing shares during the relevant period, rather than your current holdings. Accordingly, you do not need to sell to participate. Fill out the form to find out your rights.