AP NEWS
ADVERTISEMENT
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Shareholder Alert: Robbins LLP Announces That Plug Power, Inc. (PLUG) is Being Sued for Misleading Shareholders

March 15, 2021 GMT

SAN DIEGO & LATHAM, N.Y.--(BUSINESS WIRE)--Mar 15, 2021--

Shareholder rights law firm Robbins LLP announces that a purchaser of Plug Power, Inc. (NASDAQ: PLUG) filed a class action complaint against the Company and its officers and directors for alleged violations of the Securities Exchange Act of 1934 between November 9, 2020 and March 1, 2021. Plug Power provides comprehensive hydrogen fuel cell turnkey solutions focused on systems used to power electric motors in the electric mobility and stationary power markets.

ADVERTISEMENT

If you suffered a loss due to Plug Power, Inc.’s misconduct, click here.

Plug Power, Inc. (PLUG) Misled Shareholders Regarding its Internal Controls Over Financial Reporting

According to the complaint, on November 9, 2020, Power Plug reported its third quarter 2020 financial results in a letter posted on its website. The same day, Power Plug filed its quarterly report on Form 10-Q for the period ended September 30, 2020, affirming its previously reported financial results. The Company also noted that its “disclosure controls and procedures are effective” and that “no changes in the Company’s internal controls over financial reporting … occurred during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal controls over financial reporting.”

On February 25, 2021, Plug Power released its fourth quarter and full year 2020 financial results on its website. Notwithstanding, on March 2, 2021, Plug Power filed a Notification of Late Filing with the SEC stating that it could not timely file its annual report for the period ended December 31, 2020. Specifically, the Company was completing a “review and assessment of the treatment of certain costs with regards to classification between Research and Development versus Costs of Goods Sold, the recoverability of right of use assets associated with certain leases, and certain internal controls over these and other areas.” The Company stated that ”[i]t is possible that one or more of these items may result in charges or adjustments to current and/or prior period financial statements.” On this news, Plug Power’s stock price fell $3.68, or 7%, to close at $48.78 per share on March 2, 2021. The price continued to decline over 19% over the next three trading sessions, to close at $39.30 per share on March 5, 2021.

ADVERTISEMENT

If you purchased shares of Plug Power Inc. (PLUG) between November 9, 2020 and March 1, 2021, you have until May 7, 2021, to ask the court to appoint you lead plaintiff for the class.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

Contact us to learn more:
Lauren Levi
(800) 350-6003
llevi@robbinsllp.com
Shareholder Information Form

Robbins LLP is a nationally recognized leader in shareholder rights law. To be notified if a class action against Plug Power, Inc. settles or to receive free alerts about companies engaged in wrongdoing, sign up for Stock Watch today.

Attorney Advertising. Past results do not guarantee a similar outcome.

View source version on businesswire.com:https://www.businesswire.com/news/home/20210315005680/en/

CONTACT: Lauren Levi

Robbins LLP

llevi@robbinsllp.com

(800) 350-6003

www.robbinsllp.com

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: Robbins LLP

Copyright Business Wire 2021.

PUB: 03/15/2021 01:53 PM/DISC: 03/15/2021 01:53 PM

http://www.businesswire.com/news/home/20210315005680/en