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