The Plug Power class action lawsuit charges Plug Power and certain of its officers and directors with violations of the Securities Exchange Act of 1934.
The Plug Power class action lawsuit alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) Plug Power would be unable to timely file its 2020 annual report due to delays related to the review of classification of certain costs and the recoverability of the right to use assets with certain leases; (ii) Plug Power was reasonably likely to report material weaknesses in its internal control over financial reporting; and (iii) as a result of the foregoing, defendants’ positive statements about Plug Power’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On March 2, 2021, Plug Power filed a Notification of Late Filing with the U.S. Securities and Exchange Commission stating that it could not timely file its annual report for the period ended December 31, 2020, because Plug Power 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.” Plug Power 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 March 16, 2021, Plug Power issued a press release announcing that the Company needed to restate its prior financial results for fiscal years 2018 and 2019 and quarterly filings for 2019 and 2020 because of several accounting “errors.” The accounting errors impacted the Company’s: (i) reported book value of right of use assets and related finance obligations; (ii) loss accruals for certain service contracts; (iii) impairment of certain long-lived assets; and (iv) the misclassification of certain costs, resulting in a decrease in research and development expense and a corresponding increase in cost of revenue. When the true details entered the market, the lawsuit claims that investors suffered damages.
A lead plaintiff will act on behalf of all other class members in directing the Plug Power class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Plug Power class-action lawsuit. An investor’s ability to share any potential future recovery of the Plug Power class action lawsuit is not dependent upon serving as lead plaintiff. If you are interested in learning more about the case, please contact Jim Baker (firstname.lastname@example.org) at 619-814-4471. If you email, please include your phone number.
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Jim Baker, 619-814-4471