Plug investors may receive additional information about the case by clicking the link "Submit Your Information" above.
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 Class Period commences on November 9, 2020, when Plug filed its quarterly report on a Form 10-Q for the period ended September 30, 2020. Regarding Plug’s disclosure controls and internal control over financial reporting, the report stated, in relevant part that Plug’s “disclosure controls and procedures are effective … [and that] [t]here were no changes in [Plug’s] internal control over financial reporting that occurred during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, [Plug’s] internal control over financial reporting.”
The truth regarding Plug’s weaknesses in its internal control over financial reporting was revealed on March 2, 2021 when, before the market opened, Plug 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 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 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.”
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.
The complaint alleges that, throughout the Class Period, the defendants failed to disclose to investors that: (1) Plug 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; (2) Plug was reasonably likely to report material weaknesses in its internal control over financial reporting; and (3) 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.
If you are a member of the class described above, you may no later than May 7, 2021 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed 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, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll-free at (844) 887-9500; or via e-mail at email@example.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.