NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, announces the filing of a class action lawsuit against Plug Power Inc. (“Plug” or the “Company”) (NASDAQ: PLUG) and certain of its officers, alleging violations of federal securities laws. If you purchased Plug securities between November 9, 2020 and March 1, 2021, inclusive (the “Class Period”), and have suffered a loss, you are encouraged to contact attorney Joseph Pettigrew for additional information at (844) 818-6982 or email@example.com.
Plug provides comprehensive hydrogen fuel cell turnkey solutions focused on systems used to power electric motors in the electric mobility and stationary power markets.
The lawsuit alleges, among other things, that the Company made materially false and/or misleading statements and/or failed to disclose that: (1) the Company 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; and (2) the Company was reasonably likely to report material weaknesses in its internal control over financial reporting.
Throughout the Class Period, Plug touted its internal controls over financial reporting and its record billings for the year. Then, on March 2, 2021, before the market opened, Plug filed a Notification of Late Filing with the Securities Exchange Commission stating it could not timely file its annual report for the period ending December 31, 2020, because it 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 the right to use assets associated with certain leases, and certain internal controls over these and other areas.” The Company stated “[i]t [was] 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, the Company’s stock price fell $3.68, or 7%, to close at $48.78 per share on March 2, 2021. The 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 announced that it will have to restate its financial statements for fiscal years 2018 and 2019 as well as quarterly filings for 2019 and 2020. As a result of the restatement, Plug would not file its Form 10K as planned.
What You Can Do
If you purchased Plug securities between November 9, 2020 and March 1, 2021, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Joseph Pettigrew (844) 818-6982 or firstname.lastname@example.org. The lead plaintiff deadline is May 7, 2021.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.