Disclosure under scrutiny: a securities class action alleges FuelCell Energy’s SEC risk warnings framed inadequate manufacturing capacity as a hypothetical future possibility while output was already trending below the volume needed to match contract pricing.

NEW YORK, Sept. 23, 2026 /PRNewswire/ — Levi & Korsinsky, LLP notifies investors in FuelCell Energy, Inc. (NASDAQ: FCEL) that a securities class action has been filed on behalf of shareholders who purchased securities between June 24, 2026 and September 1, 2026. Submit your information now. You may also contact Joseph E. Levi, Esq. at jlevi@levikorsinsky.com or (212) 363-7500.

FCEL shares fell $2.68, or 15.69%, to close at $14.40 on September 2, 2026, on unusually heavy volume, after closing as high as $36.01 on June 30, 2026. The same report disclosed $17.0 million in charges and a net loss of $45.3 million for fiscal third quarter 2026. The lead plaintiff deadline is November 10, 2026.

What the Company’s SEC Disclosure Documents Stated

The July 8, 2026 prospectus supplement, issued in connection with an underwritten offering of approximately 12.3 million shares at $21.00 per share, incorporated by reference risk factors from the fiscal 2025 Form 10-K. Those SEC filings stated that the Company’s manufacturing cost reduction strategy “may not succeed or may be significantly delayed,” and that if the business “grows more quickly than we anticipate,” existing manufacturing facilities “may be inadequate to meet demand.” The filings described the Torrington facility’s maximum annualized capacity as 100 MW in its current configuration.

Disclosure Gaps Alleged

• That capacity was allegedly already inadequate to generate the production rate required under the Fit Energy capital equipment purchase agreement, rather than at risk of becoming inadequate.
• That the annualized production rate for deliveries under the agreement was allegedly already slower than expected.
• That product costs and manufacturing overhead were allegedly already exceeding the contractual pricing established under the agreement.
• That the slower rate allegedly made charges tied to the initial 30 MW Phase 0 commitment reasonably likely.
• That the condition was, as pleaded, a known trend affecting profitability and not a contingent future scenario.

Why Generic Warnings May Not Protect Investors

On September 2, 2026, the Company reported operating at an annualized production rate of approximately 37.1 MW, a level that “remains below the production volume at which we expect our cost structure to align with market-based pricing for orders of this scale,” and recorded charges reflecting contractual pricing provisions on specific inventory and firm purchase commitments. Quarterly revenue came in at $33.0 million, down approximately 29% year over year, with a gross loss of $(24.5) million. The complaint challenges whether conditional “may” language adequately described a cost and capacity problem that plaintiffs contend was already affecting results.

“Generic risk factor language cannot substitute for disclosing specific, known problems that are already affecting a company’s operations. The complaint alleges that FuelCell’s filings warned about capacity in hypothetical terms while production was allegedly running below the rate its Fit Energy commitment required.” — Joseph E. Levi, Esq.

Find out if you might qualify to recover losses or call (212) 363-7500.

WHY LEVI & KORSINSKY: Over the past 20 years, Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States.

Frequently Asked Questions About the FCEL Lawsuit

Q: What is the FCEL class action lawsuit about? A: A securities class action has been filed against FuelCell Energy, Inc. (NASDAQ: FCEL) alleging materially false and misleading statements between June 24, 2026 and September 1, 2026. Shares fell approximately 15.69% after the Company disclosed a $17.0 million charge tied to contractual pricing provisions under its Fit Energy agreement and an annualized production rate of approximately 37.1 MW. Investors who purchased shares during the Class Period and suffered losses may be eligible to seek compensation.

Q: Who is eligible to join the FCEL investor lawsuit? A: Investors who purchased FCEL stock or securities between June 24, 2026 and September 1, 2026 and suffered financial losses may be eligible. Eligibility is based on purchase date and documented losses — not on whether you still hold the shares.

Q: What specific misstatements does the FCEL lawsuit allege? A: The complaint alleges FuelCell Energy, Inc. made materially false or misleading statements or otherwise omitted known information regarding the adequacy of its manufacturing capacity to generate the production rate required under the Fit Energy agreement, and the likelihood of incurring the resulting product cost and manufacturing overhead increases.

Q: What do FCEL investors need to do right now? A: Investors may gather brokerage records showing purchase dates, share quantities, and prices paid. Submit your information for a no-cost, no-obligation evaluation of your potential recovery. No immediate action is required to remain eligible as an absent class member.

Q: What happens after I contact Levi & Korsinsky? A: An attorney will review your trading history at no cost and provide an initial assessment of your potential eligibility.

Q: What if I already sold my FCEL shares — can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought during the Class Period and sold at a loss may still be eligible to participate.

Q: What does it cost me to participate? A: There is no upfront cost to submit your information and review whether you may be eligible to recover. Should you choose to participate in the securities class action, they are generally handled on a contingency basis, with any attorneys’ fees and expenses subject to court approval.

CONTACT:

Levi & Korsinsky, LLP

Joseph E. Levi, Esq.

Ed Korsinsky, Esq.

33 Whitehall Street, 27th Floor

New York, NY 10004

jlevi@levikorsinsky.com

Tel: (212) 363-7500

Fax: (212) 363-7171

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