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Kessler Topaz Meltzer & Check, LLP is currently investigating potential violations of the federal securities laws on behalf of purchasers of Plug Power Inc. (NASDAQ: PLUG) (“Plug”) securities.
On October 14, 2022, Plug issued a press release announcing that the Company now expected that its full-year 2022 revenue could be 5% to 10% lower than its prior guidance of between $900 million and $925 million. According to the Company, the “revenue impact reflects 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 stock fell $1.20 per share, or more than 6%, from a close of $19.23 per share on October 13, 2022, to close at $18.03 per share on October 14, 2022.
Then, after the market had closed on January 25, 2023, Plug held its annual business update conference call and announced that it now expected 2022 year-over-year revenue growth of just 45% to 50%, short of initial expectations of greater than 80% year-over-year revenue growth. Plug again explained that the “revenue impact reflects some larger projects being completed in 2023 instead of 2022 due to customer timing and broader supply chain issues.” On this news, the price of Plug stock fell $0.97 per share, from a close of $16.34 per share on January 25, 2023, to close at $15.37 per share on January 26, 2023.
If you have any questions or would like to discuss this investigation, please contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at email@example.com.