STEVENSON, Md., Dec. 10, 2015 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of Capstone Turbine Corp. (Nasdaq: CPST ) (“Capstone” or the “Company”) securities during the period between November 7, 2013 and November 5, 2015, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until January 15, 2016 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in Capstone securities purchased on or after November 7, 2013 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html . You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company securities during the Class Period. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that BPC Engineering (“BPC”), one of the Company’s main Russian distributors, was unlikely to be able to fulfill many of its legal and financial obligations to Capstone, that Capstone failed to make appropriate adjustments to its accounts receivable and backlog to account for BPC’s inability to fulfill its obligations to Capstone, and that, as such, Capstone issued financial statements in violation of Generally Accepted Accounting Principles.
According to the complaint, following the October 1, 2015 Capstone announcement disclosing that its preliminary second quarter earnings were notably below management’s expectations and analysts’ consensus estimates as difficulty in the oil and gas market and a strong U.S. dollar delayed orders and shipments and that the Company received no significant payments from its Russian distributor who had been one of its largest customers, the value of Capstone shares declined significantly.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: CONTACT: Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616 hoffman@browerpiven.com
