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CGRN.US

Capstone Green Energy (CGRN) "Bill-And-Hold" Case

C.D. California
Court
2:23-cv-08659
Case number
On September 28, 2023, Capstone Green Energy (CGRN) announced it had filed for Chapter 11 bankruptcy.

On this news, $CGRN fell 17% to $0.50 per share.

Earlier, from August 15, 2023, to September 22, 2023, Capstone issued a sequence of statements concerning its financial reporting, resulting in a decrease in $CGRN stock value.
  • On August 15, 2023, the Company announced its inability to timely file 10-Q due to an “ongoing review and investigations by the Audit Committee of financial reporting and other matters.” On this news, $CGRN fell 5%.
  • Then, on August 18, 2023, Capstone reported receipt of a notice from the NASDAQ exchange that the Company was not in compliance with listing requirements. On this news, $CGRN fell 30%.
  • On September 22, 2023, the Company disclosed that certain financial statements could no longer be relied upon “as a result of apparent errors primarily related to revenue recognition associated with bill and hold transactions that were identified in the course of a review by the Audit Committee”.
Taking all representations into account, investors have reasons to suspect Capstone's executives of providing inflated revenue projections by failing to properly account for 'bill-and-hold' transactions.
Alleged Offence
Misleading Statements
Financial Misrepresentation
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
22 September 2023
Filing date
13 October 2023
Lead Plaintiff Deadline
12 December 2023
Collecting participants…
Created by Stan Vick, Scout

Capstone Green Energy Corp

Capstone Green Energy Corporation develops, manufactures, markets, and services microturbine technology solutions for use in stationary distributed power generation and distribution networks applic...

    Ticker
    CGRN.US
    ISIN
    US14067D5086
    CIK
    1009759
    Sector
    Industrials
    Industry
    Specialty Industrial Machinery
    Country
    USA
    Address
    16640 Stagg Street, Van Nuys, CA, United States, 91406