Ballard Power Systems Inc. (USA)(NASDAQ:BLDP) shares fell 9.95% after the company was hit by a wave of class action lawsuits, over claims it overstated its business operations in China. News that the company has won a $1.6 million Power Management order could not prevent the stock from trading lower.
The 9.95% drop appears to have accelerated a sell-off wave that has engulfed the stock this year. The stock is already down by more than 15% for the year, as it continues to trade in a strong downtrend. Ballard Power Systems needs to close above the $4 a share handle, to have a chance of trading higher, given the strength of the selloff wave.
On the downside, the stock faces immediate support at the $3.1 handle, below which it could drop to six month’s lows of $2.4 a share.
Ballard Power Systems is a clean energy company that develops clean energy products intended to reduce customer costs and risks. The company designs, develops, manufactures and sells proton exchange membrane fuel cells worldwide. Some of its power products include FCgen-H2PM for telecommunications networks and enabling secure communications
Reports that the company overstated its operations in China has not gone well with investors triggering the recent sell-off. The lawsuit alleges that shareholders suffered huge losses on the stock declining on the revelation that Ballard Power Systems overstated operations of its China-based partners Broad Ocean and Synergy.
According to law firm Brower Piven, there are no demonstration lines in Guangdong China and no bus lines are in service in Sansui as alleged by Ballard Power Systems. It has also emerged that Foshan might have produced far fewer buses than what Ballard initially reported.
$1.6 Million Purchase Order
It awaits to be seen if a purchase order worth $1.6 million will help quell investors’ concerns about Ballard Power Systems business operations. The order is for the supply of a Squad Power Manager Special Operations Kits (SPM-622) to the U.S Special Operations Command.
Weighing less than a pound, SPM 622 is a tough and agile power management device, designed to enable military units to optimize power use for various power electronics devices. It also delivers reliable energy for other devices carried by soldiers.
“This order represents a continued commitment to support U.S. Special Operations Forces’ growing requirement within the United States Army for intelligent power management systems. This requirement is important for Protonex as it will support not only Special Operations Forces, but also the Security Forces and Assistance Brigades, or SFAB’s, newly established by the U.S. Army,” said Ray Summers, Protonex Director of Military Sales. “
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