Bloom Energy Hid Billions in Red Ink Pre-IPO, Records Suit Says

Bloom Energy Corp. was sued for corporate records in Delaware by two shareholders seeking to probe claims that the fuel cell maker used “accounting tricks” to mask $2.2 billion in liabilities before going public in 2018.

Bloom’s public relations success has for years exceeded its ability to deliver the environmentally friendly solid-oxide fuel cell systems it advertises, thanks to a high-profile clientele that includes Google, AT&T, and Home Depot, according to the Chancery Court complaint.

Its long-term equipment servicing guarantees have been a core part of its appeal, the suit says. But because Bloom’s fuel cells are not nearly as ...