Bloom Energy's shares fell 3.5% - legal risks continue to weigh on the stock

Bloom Energy's shares fell 3.5% in morning trading to $203.46, weighed down by a new announcement related to the ongoing securities class action lawsuit against the company.

Law firm Kaplan Fox & Kilsheimer has called on investors to join the ongoing securities class action and seek a leadership role in the case. The deadline for filing the relevant applications is September 28, 2026.

The lawsuit originally followed a short-seller report published on July 8. The report accused Bloom Energy of secretly sourcing scandium — a rare earth metal used in its solid oxide fuel cells — through Chinese intermediaries, while publicly disclosing different information.

Additional attention was drawn to Bloom Energy by an analytical report related to Korean supplier Sanil Electric. The report noted that approximately 30% of Sanil Electric's new orders in the second quarter of 2026 came from Bloom Energy. These orders concerned specialized step-up transformers used in Bloom's on-site power generation systems.

This information is particularly significant, as Bloom's supply chain dependencies are already at the center of the legal dispute.

From a technical standpoint, the stock's position has also deteriorated. Bloom Energy's shares have pulled back significantly from their 52-week high of $351.28, and technical indicators point to further short-term weakness.

Broader market conditions have added further pressure on the company. Amid renewed US-Iran military tensions, investors have shifted into a more risk-off mode. As a result:

• The S&P 500 fell 0.5%;
• The Dow Jones Industrial Average declined 0.6%;
• The Nasdaq Composite dropped 0.4%.

AI infrastructure and energy technology companies were particularly hard hit in this risk-off session.