The litigation, filed in the United States District Court for the Northern District of California, targets a series of statements made by Bloom Energy management between February 2025 and July 2026. According to the complaint, the company repeatedly assured investors that its supply chain was not dependent on China, even as internal sourcing allegedly relied on rare earth metals routed through intermediaries in Thailand, Japan, and South Korea.
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Bloom Energy Investors Face September Deadline in Scandium Sourcing Suit
Shareholders of Bloom Energy Corporation have until September 28, 2026, to seek lead plaintiff status in a class action lawsuit following allegations that the company obscured its reliance on Chinese scandium. The legal challenge centers on a sixteen-month period of supply chain disclosures that preceded a sharp decline in share value.
The conflict surfaced on July 8, 2026, when an investigative report titled "Bloom's Big Lie" identified Hunan Oriental Scandium as a primary supplier, contradicting previous executive claims. Following the report, Bloom Energy shares dropped $15.28, or 5.7%, closing at $254.29 on high trading volume. Law firm Levi & Korsinsky, LLP, which is representing the shareholders, argues that these repeated assurances lacked a reasonable basis and harmed investors who purchased stock during the period at artificially inflated prices.
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