Time-sensitive alert: a securities class action contends FuelCell Energy did not disclose that product costs and manufacturing overhead were already running above the contractual pricing set under its Fit Energy agreement, an alleged known trend that culminated in $17.0 million of charges.

NEW YORK, Sept. 24, 2026 /PRNewswire/ — SueWallSt alerts investors in FuelCell Energy, Inc. (NASDAQ: FCEL) of a pending securities class action covering purchasers between June 24, 2026 and September 1, 2026. Check if you might be eligible to recover your investment losses or contact Joseph E. Levi, Esq. at jlevi@SueWallSt.com or (888) SueWallSt.

On September 2, 2026, FuelCell reported a fiscal third quarter gross loss of $(24.5) million, an increase of approximately 377% from the prior year period, and recorded $17.0 million in charges tied to contractual pricing provisions on specific inventory and firm purchase commitments. Shares declined 15.69%, or $2.68 per share, on unusually heavy trading volume. The Court has set November 10, 2026 as the deadline to apply for lead plaintiff appointment.

What Management Allegedly Knew About Rising Overhead

The lawsuit asserts that while management publicly promoted the scale and value of the Fit Energy capital equipment purchase agreement, the Company was absorbing fixed manufacturing overhead at a production rate too low to match the pricing it had contractually accepted. That cost trend was material to profitability and likely to produce charges, as alleged, yet was not disclosed to purchasers during the Class Period.

Fuel Cell Manufacturing Economics in Cost Absorption

• High temperature fuel cell production carries heavy fixed overhead, so per-unit costs fall only as output volume rises.
• The Company reported operating at an annualized production rate of approximately 37.1 MW, which it stated “remains below the production volume at which we expect our cost structure to align with market-based pricing for orders of this scale.”
• Fixed-price capital equipment contracts shift cost overrun exposure onto the manufacturer when output lags contracted economics.
• Charges can be required on identified inventory and firm purchase commitments once contracted pricing sits below expected cost.
• Third quarter revenue of $33.0 million, down approximately 29% year over year, left less volume across which to absorb overhead.

Why Cost Structure Disclosure Allegedly Matters to Investors

The action claims that positive statements about the Company’s business and prospects lacked a reasonable basis while these cost pressures were building, and that shareholders who purchased during the Class Period paid prices that did not reflect them.

“Investors deserve transparency about material risks that could affect their investments, including cost trends a company is already experiencing. Here, the complaint alleges that per-unit product costs and absorbed manufacturing overhead exceeded contractual pricing before investors were told.” — Joseph E. Levi, Esq.

Learn more about the case or call (888) SueWallSt.

WHY SUEWALLST: SueWallSt is powered by Levi & Korsinsky LLP. 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 lead plaintiff deadline? A: The deadline to apply for lead plaintiff appointment is November 10, 2026. This deadline applies only to investors seeking to serve as lead plaintiff. Class members who do not apply may still participate in any recovery without taking action before this date.

Q: How much did FCEL stock drop? A: Shares fell approximately 15.69%, a decline of $2.68 per share, after the Company disclosed a fiscal third quarter net loss of $45.3 million and $17.0 million in charges reflecting contractual pricing provisions tied to Phase 0 of the Fit Energy CEPA. Investors who purchased shares during the Class Period at artificially inflated prices and suffered losses may be eligible to seek compensation.

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 is a lead plaintiff and why does it matter? A: A lead plaintiff is the investor appointed by the court to represent the entire class. Lead plaintiffs are typically investors with the largest documented losses. Being appointed does not increase individual recovery but gives direct oversight of how the case is run.

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.

Q: How long will the lawsuit take to resolve? A: Securities class actions typically take two to four years from initial filing to resolution. Timing depends on the court schedule, case developments, and whether the matter is dismissed, settled, or litigated further.

CONTACT:

Levi & Korsinsky, LLP

Joseph E. Levi, Esq.

33 Whitehall Street, 27th Floor

New York, NY 10004

jlevi@SueWallSt.com

Tel: (888) SueWallSt

Fax: (212) 363-7171

Attorney Advertising. Prior results do not guarantee similar outcomes.

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