FuelCell Energy, Inc.

september, 2026

Please complete the form below to contact Kaplan Fox regarding the FuelCell securities investigation:

Principal Contacts

Pamela Mayer

PMayer@kaplanfox.com

Laurence D. King

LKing@kaplanfox.com

Kaplan Fox Alerts Investors of FuelCell Energy, Inc. (NASDAQ: FCEL) to an Investigation of Potential Securities Law Violations

Kaplan Fox & Kilsheimer LLP is investigating potential securities violations against FuelCell Energy, Inc. (“FuelCell” or the “Company”) (NASDAQ: FCEL).

CLICK HERE TO RECEIVE MORE INFORMATION ABOUT THIS INVESTIGATION

If you are a FuelCell investor and have suffered losses, or if you have information that could assist in the FuelCell investigation, you may CLICK HERE to contact us. You may also contact Kaplan Fox by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.

On June 24, 2026, FuelCell announced a “strategic agreement” with Fit Energy USA LP (“Fit Energy”) to manufacture, sell and deliver carbonate fuel cell block systems “for up to 380 megawatts (MW) of clean, baseload on-site power for data centers using FuelCell Energy’s utility-scale fuel cell technology[,]” including “an immediate deposit for an initial 30 MW of power scheduled to begin delivery later this year.”

On or around July 9, 2026, FuelCell completed an underwritten public offering of common stock, selling over 12 million shares at $21 per share for net proceeds of about $245.5 million 

Then, on September 2, 2026, FuelCell reported financial results for fiscal third quarter 2026 for the quarter ending July 31, 2026.  During the earnings calls, FuelCell’s Chief Financial Officer (“CFO”) disclosed that the “the primary driver” of the Company’s  “gross loss of $24.5 million in the third quarter of fiscal 2026 compared to a gross loss of $5.1 million in the third quarter of fiscal 2025” was “$17 million of charges recorded during the quarter, consisting of approximately $4 million to reduce the carrying value of certain inventories to net realizable, and approximately $13 million for losses on firm purchase commitments.”  Further, FuelCell’s CFO stated “[b]oth were recorded in connection with Phase 0 of our CEPA with [Fit Energy] due to the fact that our current product costs and manufacturing overhead exceed the contractual pricing established under that agreement.”

Following this news, the price of FuelCell stock fell $2.68 per share, or 15.7%, to close at $14.40 per share on September 2, 2026.

WHY CONTACT KAPLAN FOX?

Kaplan Fox & Kilsheimer LLP is a nationally recognized law firm focused on complex litigation, with offices in New York, Oakland, Los Angeles, Chicago, and New Jersey. Founded in 1956, the firm has spent more than 50 years prosecuting securities, antitrust, and consumer protection actions in federal and state courts nationwide, recovering more than $10 billion for clients and the classes it has represented.

Kaplan Fox is widely regarded as one of the nation’s premier plaintiffs’ securities litigation firms and has received recognition from Chambers and Partners, Benchmark Litigation, Super Lawyers, and Lawdragon. Serving as lead or co-lead counsel in many landmark cases, the firm has secured some of the largest recoveries in the history of securities litigation, including a $2.425 billion recovery on behalf of Bank of America shareholders in In re Bank of America—the largest recovery ever obtained for claims under Section 14(a) of the Securities Exchange Act—$800 million recovered for the Arkansas Teacher Retirement System and other pension funds in ATRS v. Allianz Global Investors, and a $475 million settlement in In re Merrill Lynch.

For decades, Kaplan Fox has represented public pension funds, institutional investors, businesses, and individuals in high-stakes litigation. Through its successful advocacy and precedent-setting victories, the firm has helped shape important areas of securities and corporate law while advancing accountability and protecting investor interests.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. Past results do not guarantee future outcomes.

If you have any questions about this investigation, please contact:

CONTACT:

Pamela A. Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
pmayer@kaplanfox.com

Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1501
Oakland, California 94612
(415) 772-4704
lking@kaplanfox.com