SAN DIEGO--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Plug Power Inc. (NASDAQ: PLUG) common stock between August 9, 2022 and March 1, 2023, inclusive (the “Class Period”) have until June 12, 2023 to seek appointment as lead plaintiff of the Plug Power class action lawsuit. Captioned Melton v. Plug Power Inc., No. 23-cv-00409 (D. Del.), the Plug Power class action lawsuit charges certain of Plug Power’s top executives with violations of the Securities Exchange Act of 1934.
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CASE ALLEGATIONS: Plug Power is a hydrogen fuel cell company that develops power systems for use in electric vehicles, stationary power units, and other purposes.
The Plug Power class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that Plug Power was unable to effectively manage its supply chain and product manufacturing, resulting in reduced revenues and margins, increased inventory levels, and several large deals being delayed until at least 2023, among other issues.
On October 14, 2022, Plug Power announced that its “prior full year 2022 revenue guidance of $900-925M could be 5%-10% lower for the year” and attributed this revised guidance to “some larger projects potentially being completed in 2023 instead of 2022 due to timing and broader supply chain issues.” On this news, the price of Plug Power common stock declined more than 6%.
Then, on November 8, 2022, Plug Power revealed that its gross margins had decreased 3% sequentially, and 2% on a year-over-year basis, and that Plug Power’s inventory levels had further increased to $516 million. On this news, the price of Plug Power common stock declined further.
Thereafter, on January 25, 2023, Plug Power reported that it now expected 2022 revenue growth of just 45% to 50% year over year – far below its original projections of approximately 80% growth year-over-year. Plug Power explained that “new products came out a little slower than we hoped,” as its “[m]anufacturing had a few more issues than we hoped” and “added . . . complexity to supply chain.” On this news, the price of Plug Power common stock declined nearly 6%.
Subsequently, on March 1, 2023, Plug Power announced disappointing financial results for the fourth quarter and full year 2022, including annual revenue of $701.4 million – representing only 40% year-over-year growth and missing reduced guidance estimates. On this news, the price of Plug Power common stock declined more than 6%, further damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Plug Power common stock during the Class Period to seek appointment as lead plaintiff in the Plug Power class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts 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 in any potential future recovery is not dependent upon serving as lead plaintiff of the Plug Power class action lawsuit.
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