FuelCell stock surges after saying short seller’s claims contain ‘factual inaccuracies’

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Shares of FuelCell Energy Inc. shot up 4.8% in premarket trading Tuesday after the fuel cell technology company said that claims made by a short seller in the previous session were “misleading” and contained “factual inaccuracies.” The stock had dropped 6.4% on Monday, and had tumbled 26.2% amid a 4-day losing streak, after Night Market Research alleged FuelCell did not disclose in a fundraising completed last week that it lost two contracts in its backlog. “FuelCell Energy emphatically denies these claims related to its disclosures with respect to the LIPA 2 and LIPA 3 power project awards,” The company said in a statement on Tuesday. “These awards are not, and never have been, part of FuelCell Energy’s backlog, and have no impact on the Company’s 2022 financial goals, including revenue growth and adjusted EBITDA.” The stock has dropped 24.7% year to date through Monday, while the S&P 500 has gained 5.5%.
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