AOS, BE & CYH- Bronstein, Gewirtz & Grossman, LLC Class Action Update

7/19/2019, 9:00 PM (Source: GlobeNewswire)

NEW YORK, July 19, 2019 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against the following publicly-traded companies. You can review a copy of the Complaints by visiting the links below or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss, you can request that the Court appoint you as lead plaintiff.  Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. A lead plaintiff acts on behalf of all other class members in directing the litigation. The lead plaintiff can select a law firm of its choice. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff. 

A. O. Smith Corporation (NYSE: AOS)
Class Period: July 26, 2016 - May 16, 2019
Deadline: July 29, 2019
For more info:
The lawsuit alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) A. O. Smith had undisclosed business connections and entanglements with Jiangsu UTP Supply Chain (“UTP”) through which it funneled up to 75% of its China product sales; (2) A.O. Smith had used UTP to engage in channel stuffing by artificially inflating inventories purportedly sold through distributors that were not based on consumer demand, thereby approximately doubling the normal level of inventory at such distributors; (3) A. O. Smith had used its UTP relationship to artificially inflate the sales figures it reported to investors by as much as 8% and to conceal worsening sales trends that A. O. Smith was experiencing in China; (4) A.O. Smith’s sales growth had been primarily in lower margin products as its higher priced products were being undercut by competition in “second-tier” Chinese cities, causing the Company to experience significant market pressures; (5) A. O. Smith had increased its cash reserves in China to over $530 million in furtherance of its channel stuffing and sales manipulation scheme, encumbering A. O. Smith’s ability to repatriate the cash for use for capital expenditures; and (6) as a result, A. O. Smith’s public statements were materially false and misleading at all relevant times.

Bloom Energy Corporation (BE) 
Class Period: Bloom securities pursuant or traceable to the Form S-1 Registration Statement and Prospectus (collectively, the “Registration Statement”) issued in connection with Bloom Energy’s July 2018 initial public stock offering (the “IPO” or “Offering”)
Deadline: July 29, 2019
For more info:

The complaint alleges that the Registration Statement was materially misleading as it failed to disclose known events and trends that were severely affecting the Company’s business and that made investment in Bloom significantly riskier than presented in the Registration Statement.  Specifically, the complaint alleges that the Registration Statement failed to disclose that the Company was experiencing material construction delays. These construction delays would cause system deployments (or “acceptances” as Defendants referred to them) to fall significantly below even the low end of the Company’s previously announced guidance.

Community Health Systems, Inc. (NYSE: CYH)
Class Period: February 20, 2017 - February 27, 2018
Deadline: July 29, 2019
For more info:

The complaint alleges throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Community Health had understated its contractual allowances; (2) Community Health had understated its provision for bad debts; (3) Community Health had overstated its net operating revenue; (4) Community Health had understated its net loss; and (5) as a result of the foregoing, defendants’ positive statements about Community Health’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 |

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