Bloom Energy investigated after the company reported incorrect revenue figures

KR Sridhar, co-founder and CEO of Bloom Energy, poses next to Bloom Energy power servers at eBay offices in San Jose, Calif., Wednesday, Feb. 24, 2010. Bloom Energy is a secretive Silicon Valley startup that is working on a new way to produce cleaner energy. Its first product is a huge box of fuel cells that it hopes will allow homes and businesses to generate their own electricity. (AP Photo/Paul Sakuma)

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Bloom Energy (NYSE: BE) shares fell 25% in after hours trading after the company reported that it will restate more than 3 years of financial statements.

Bloom said miscalculations were a result of certain revenue from customer contracts being recognized immediately, rather than over the lifetime of the contract.

The company said that this would have a material affect on 5 quarters of results, dating back to 2016.

Bloom (BE) is currently under investigation by Block & Leviton LLP for potential violations of Federal Securities Laws.

The company said it will also restate certain prior financial statements due to an accounting error related to its MSA’s (Managed Service Agreements).

Bloom stated that these adjustments are unrelated to the service business, life of the servers, or service contracts.

John Doerr, Lead Independent Director, said in a statement: “Bloom Energy has a long track-record of groundbreaking innovation that is overseen by a highly engaged Board and experienced management team. We are committed to upholding the highest standards of oversight and compliance and remain focused on executing our long-term strategy and creating value for all stakeholders”

About Bloom Energy

Bloom Energy is a publicly traded company headquartered in San Jose, California. It manufactures and markets solid oxide fuel cells that produce electricity on-site. The company delivers highly reliable, resilient, sustainable and cost effective on-site electricity for organizations globally.

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