FuelCell Energy Faces Securities Fraud Lawsuit Over Fit Energy Contract

SAN FRANCISCO, Sept. 16, 2026 /CourierPR/ -- FuelCell Energy, Inc. (NASDAQ: FCEL) is facing legal scrutiny over alleged securities fraud related to its Fit Energy contract, according to a lawsuit filed by the national trial law firm Hagens Berman. The lawsuit alleges that the company and its top executives, including CEO Jason B. Few and CFO Michael S. Bishop, made materially false and misleading statements regarding the company’s manufacturing capacity, production economics, and a major commercial agreement.

The lawsuit centers around a Capital Equipment Purchase Agreement (CEPA) announced on June 24, 2026, under which FuelCell agreed to supply carbonate fuel cell block systems for up to 380 megawatts (MW) of clean, baseload on-site power for data centers, starting with an initial 30 MW phase. Concurrently, the company completed a massive underwritten public offering of over 12 million shares of common stock at $21 per share, raising approximately $245.5 million in net proceeds.

However, the complaint alleges that FuelCell failed to disclose critical operational realities to investors. Specifically, the lawsuit claims that the company’s actual manufacturing capacity was inadequate to generate the production rates required under the Fit Energy CEPA. The lagging production volume, it is alleged, meant that product costs and manufacturing overhead heavily exceeded the contractual pricing, locking the company into severe gross losses.

Additionally, the lawsuit alleges that FuelCell was tracking multi-million-dollar charges and inventory commitments tied to Phase 0 of the agreement, which would decimate its quarterly profitability. The truth emerged before the market opened on September 2, 2026, when FuelCell reported its fiscal third-quarter 2026 financial results. The company revealed a staggering net loss of $45.3 million and a significant jump in gross losses, driven by $17 million in charges recorded for Phase 0 of the Fit Energy CEPA because current product costs and overhead exceeded contract pricing.

Following these disclosures, the price of FuelCell stock plummeted nearly 16% in a single trading session, severely damaging shareholders. The lawsuit seeks to hold the company and its executives accountable for these alleged misrepresentations.

Hagens Berman is urging investors who purchased FCEL securities between June 24, 2026, and September 1, 2026, to submit their losses and consider joining the lawsuit as a lead plaintiff. The firm notes that the Private Securities Litigation Reform Act of 1995 permits any investor who suffered financial losses to seek appointment as lead plaintiff. Investors do not need to sell their shares to join the class action.