Portnoy Law Firm Announces Class Action on Behalf of FuelCell Energy, Inc. Investors

LOS ANGELES, Sept. 22, 2026 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises FuelCell Energy, Inc., (“FuelCell” or the "Company") (NASDAQ: FCEL) investors of a class action on behalf of investors that bought securities between June 24, 2026, and September 1, 2026, inclusive (the “Class Period”). FuelCell investors have until November 10, 2026 to file a lead plaintiff motion.

Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or join the case via https://portnoylaw.com/fuelcell-energy-inc. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.

The class action complaint asserts that throughout the Class Period, defendants heavily promoted a prominent Capital Equipment Purchase Agreement (CEPA) publicized on June 24, 2026. Under this agreement, FuelCell contracted to furnish Fit Energy USA LP with carbonate fuel cell block systems capable of delivering up to 380 megawatts (MW) of clean, continuous on-site power for data centers, commencing with an initial 30 MW tranche. Leveraging the resulting market optimism, FuelCell simultaneously executed a substantial underwritten public offering of more than 12 million common shares at $21 per share, securing approximately $245.5 million in net proceeds.

The lawsuit claims, however, that leadership concealed crucial operational shortcomings from the market. Specifically, the filings assert that FuelCell lacked the physical manufacturing capacity needed to fulfill the output demands of the Fit Energy CEPA. As a result of these low production volumes, manufacturing overhead and unit costs significantly eclipsed the agreed-upon contractual prices, trapping the firm in deep gross losses. Furthermore, the complaint alleges that the company was quietly accumulating millions of dollars in inventory obligations and financial charges tied to Phase 0 of the contract, which threatened to severely erode quarterly earnings.

These undisclosed issues were exposed prior to the market open on September 2, 2026, when FuelCell published its fiscal third-quarter 2026 financial metrics. The company reported a sharp net loss of $45.3 million along with a dramatic rise in gross losses, propelled by $17 million in charges logged for Phase 0 of the Fit Energy CEPA due to production expenses and overhead surpassing contract revenue. Following this revelation, FuelCell's share price collapsed by almost 16% in a single day of trading.

The Portnoy Law Firm represents investors in pursuing claims caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.

Lesley F. Portnoy, Esq.
Admitted CA, NY and TX Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com

Attorney Advertising