Investors who bought or otherwise acquired FuelCell Energy securities between June 24, 2026 and September 1, 2026 may be covered by a proposed class action alleging FuelCell misled investors about whether it could build fuel cells fast enough to meet its Fit Energy data-center agreement. No class has been certified and there is nothing to file yet.
Allegations Only · No Settlement Yet
This article describes a class action complaint. The statements below are unproven allegations. FuelCell Energy, Inc. and its executives have not been found liable, there is no certified class, and nothing to claim at this time. This page is informational and is not legal advice.
What Is This About?
A FuelCell Energy investor filed a proposed securities class action against the company on September 11, 2026 in the U.S. District Court for the Southern District of New York. The case is Nguyen v. FuelCell Energy, Inc., No. 1:26-cv-07953. It is brought on behalf of investors who bought or otherwise acquired FuelCell securities between June 24, 2026 and September 1, 2026.FuelCell Energy, based in Danbury, Connecticut, makes stationary fuel cell power plants, and its stock trades on the Nasdaq under the ticker FCEL. The complaint centers on a capital equipment purchase agreement with Fit Energy, announced June 24, 2026, to supply up to 380 megawatts of fuel cell power for data centers. It alleges that FuelCell did not have the manufacturing capacity to produce at the rate that agreement required, and points to the company’s September 2, 2026 quarterly report as the day the alleged truth came out.
The case is at the complaint stage. No lead plaintiff has been appointed, no class has been certified, and there is no settlement, fund or claim form.
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The Fit Energy Agreement
The class period opens on June 24, 2026, when FuelCell announced the Fit Energy capital equipment purchase agreement, a deal for up to 380 megawatts of fuel cell power aimed at data centers.According to notices summarizing the complaint, FuelCell shares closed at a class-period high of $36.01 on June 30, 2026. One notice also says that during the class period the company completed an underwritten public offering of more than 12 million shares of common stock at $21 per share.
What the Complaint Alleges Was Misleading
As summarized in published notices of the case, the complaint alleges that FuelCell and its executives failed to disclose that:- the company’s manufacturing capacity was not enough to produce at the rate the Fit Energy agreement required;
- annualized production for deliveries under that agreement was running slower than expected;
- FuelCell was incurring higher product costs and manufacturing overhead on the contract;
- the slower production rate made charges related to the agreement reasonably likely; and
- these issues were a known trend likely to affect profitability.
The complaint alleges that, as a result, the company’s positive statements about its business, operations and prospects were misleading or lacked a reasonable basis. FuelCell has not been found liable, and none of the allegations has been tested in court.
The September 2, 2026 Quarterly Report
On September 2, 2026, FuelCell reported fiscal third-quarter results. According to notices of the case, revenue fell 29% from a year earlier to about $33 million, which the company attributed to fewer module deliveries to customers in South Korea. The company reported a gross loss on product revenue because product costs and overhead exceeded the contract pricing under the Fit Energy agreement, about $17 million in charges tied to the agreement’s initial 30-megawatt phase, and a net loss of $45.3 million for the quarter.According to the complaint, FuelCell stock fell $2.68, or 15.69%, to close at $14.40 that day.
Who Is Being Sued and Under Which Laws
The defendants are FuelCell Energy, Inc.; Jason B. Few, its president and chief executive officer; and Michael S. Bishop, its chief financial officer.The complaint asserts two claims:
- Section 10(b) of the Securities Exchange Act of 1934 and SEC Rule 10b-5, against all defendants.
- Section 20(a) of the Exchange Act, a control-person claim against Few and Bishop.
These claims require the plaintiff to show, among other things, that the defendants made false or misleading statements with intent to mislead or with severe recklessness, and that the statements caused investors’ losses. None of the allegations has been tested in court.
Who Is in the Proposed Class?
According to published notices, the proposed class is investors who bought or otherwise acquired FuelCell Energy securities between June 24, 2026 and September 1, 2026, inclusive. Most notices use that period; at least one firm’s notice gives June 4, 2026 as the start date instead. The complaint controls, and an amended complaint filed after a lead plaintiff is appointed can change the class period. The class exists only as a proposal until a court certifies it.What Happens Next
The Private Securities Litigation Reform Act requires the first plaintiff in a securities class action to publish a notice of the case, after which investors have 60 days to ask the court to appoint them lead plaintiff. According to PSLRA notices published by law firms, that deadline in the FuelCell case is November 10, 2026, which matches the 60-day window from the September 11 filing. The date comes from the notices, not from a court order. After the court picks a lead plaintiff and lead counsel, an amended complaint usually follows, and the defendants typically move to dismiss it.Members of a proposed securities class generally remain in the class without seeking the lead plaintiff role. There is no money available unless the case produces a settlement or judgment, which would come with its own notice and claim process.
Questions
Who is covered by the FuelCell Energy securities class action?
According to published notices of the case, the proposed class is investors who bought or otherwise acquired FuelCell Energy securities between June 24, 2026 and September 1, 2026, inclusive. The defendants and their affiliates are typically excluded. No class has been certified, and the definition can change as the case proceeds.
What is the November 10, 2026 deadline in the FuelCell case?
According to PSLRA notices published by law firms, November 10, 2026 is the deadline for investors to ask the court to appoint them lead plaintiff under the Private Securities Litigation Reform Act. That matches the statute’s 60-day window from the September 11, 2026 filing. It is not a claim deadline. Members of a proposed securities class generally remain in the class without seeking that role, and there is no money or claim form available.
What does the FuelCell Energy lawsuit claim was misleading?
The complaint, as summarized in notices of the case, alleges that FuelCell and two executives did not disclose that its manufacturing capacity was not enough to produce at the rate its Fit Energy capital equipment purchase agreement required, that production for that contract was running slower than expected, and that higher product costs and overhead made contract-related charges reasonably likely. FuelCell has not been found liable.
Why do some notices give a different class period start date?
Most published notices give a class period of June 24, 2026 through September 1, 2026, which begins on the day FuelCell announced the Fit Energy agreement. At least one firm’s notice gives June 4, 2026 as the start date instead. The complaint controls, and the class period can also be changed by an amended complaint after a lead plaintiff is appointed.
Is there a FuelCell Energy securities settlement to claim?
There is no settlement, fund or claim form. The case is at the complaint stage, no lead plaintiff has been appointed and no class has been certified. Money would become available only if the case produced a settlement or judgment, which would come with its own court-approved notice and claim process.
Sources
- PSLRA notices of the case published on PR Newswire and GlobeNewswire, September 30 – November 6, 2026 — case caption and number (Nguyen v. FuelCell Energy, Inc., No. 26-cv-07953, S.D.N.Y.), filing date, class period, lead plaintiff deadline, defendants and the complaint’s allegations. OCA has not yet reviewed the complaint itself.
- FuelCell Energy SEC filings — EDGAR company filing index
