SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Capstone Green Energy Corporation - CGRN
NEW YORK, Oct. 9, 2023 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Capstone Green Energy Corporation ("Capstone" or the "Company") (NASDAQ: CGRN). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Capstone and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On September 15, 2023, Capstone disclosed that it would be unable to file its Annual Report for the year ended March 31, 2023 on time.
On this news, Capstone's stock price fell $0.06, or 8.9%, to close at $0.6196 per share on September 18, 2023.
Then, on September 22, 2023, Capstone disclosed that, as a result of errors related to revenue recognition associated with bill and hold transactions, certain previously issued financial statements were materially incorrect, should no longer be relied upon, and would need to be restated.
On September 28, 2023, Capstone announced that it had declared Chapter 11 bankruptcy.
Finally, on October 3, 2023, Capstone disclosed that it had entered into a Material Definitive Agreement and Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On this news, Capstone's stock price fell $0.1852, or 37.4%, to close at $0.31 per share on October 3, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
