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1 2 3 alone when no utility grid is available. 3. On October 1, 2015, Capstone issued a press release disclosing that its 2:15-cv-08914-DMG-RAO Document 1 Filed 11/16/15 Page 3 of 47 Page ID #:3 preliminary second quarter earnings were “notably below management’s 4 5 6 and gas market and a strong U.S. dollar delayed orders and shipments in the 7 8 9 11 12 13 14 expectations and analysts’ consensus estimates as continued headwinds in the oil quarter.” The Company further disclosed that it “received no significant payments from its Russian distributor, who until recently was one of [its] largest customers.” 10 4. On this news, shares of Capstone fell $0.09 per share, or more than 25%, to close at $0.25 on October 1, 2015, on unusually heavy trading volume. 1 5. On November 5, 2015, after the market closed, Capstone disclosed its second quarter, 2015 results. The Company disclosed a net loss of $7.9 million or 15 $0.02 per share for the quarter. 6. On this news, shares of Capstone fell $0.02 per share, or more than 7%, to close at $0.20 on November 6, 2015, on unusually heavy trading volume. 19 16 17 18 7. Throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or 23 misleading statements and/or failed to disclose: (1) that BPC Engineering (“BPC”), one of the Company’s main Russian distributors, was unlikely to be able to fulfill 20 21 22 24 25 26 27 28 losses incurred by investors, using the pre-stock split trading prices. CLASS ACTION COMPLAINT 2 1 1:20 reverse stock split, the prices used in this complaint reflect the pricing, and On November 9, 2015, after the end of the Class Period, the Company completed aPDF Image | CLASS ACTION COMPLAINT FOR VIOLATIONS OF THE FEDERAL SECURITIES LAWS
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