Deadline in 2 Days

Kessler Topaz Meltzer & Check, LLP Reminds Investors of Class Action Lawsuit Against Plug Power, Inc. (PLUG) – EXPANDED CLASS PERIOD - Seite 2

Following this news, Plug’s stock price fell $3.68, or 7%, to close at $48.78 per share on March 2, 2021. Plug’s share price continued to decline by $9.48, or 19.4%, over three consecutive trading sessions to close at $39.30 per share on March 5, 2021.

Then, on March 16, 2021, Plug 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.” That same day, Plug filed with the SEC a Form 8-K stating that Plug expected to recognize an impairment related to long-lived assets and a material weakness in its internal controls over financial reporting. The current report also stated that investors should not rely on the company’s prior issued financial statements going back to 2018 due to the numerous accounting errors outlined above, and that these past results would be restated.

As a result of this news, the price of Plug stock fell $10.10 per share to close at $36.36 per share on March 18, 2021, a decline of 22% over three trading days.

The complaint alleges that, throughout the Class Period, the defendants failed to disclose to investors that: (1) Plug had overstated the carrying amount of right of use assets and finance obligations associated with leases; (2) Plug had understated the loss accruals relating to certain service contracts; (3) certain of Plug’s long-lived assets suffered from material impairments, including right of use assets and fixed assets; (4) Plug had misclassified certain important costs, resulting in an overstatement of operating and research and development expenses and an understatement of revenue costs; (5) Plug suffered from material weaknesses in its internal controls over financial reporting; and (6) as a result of the foregoing, the defendants’ positive statements about Plug’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Plug investors may, no later than May 7, 2021, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.