Plug Power Inc. Class Action Lawsuit

Company Name
Plug Power Inc.
Stock Symbol
Class Period
November 9, 2020 to March 1, 2021
Motion Deadline
May 7, 2021
Southern District of New York
25 days left to seek lead plaintiff status

Case Summary

The Plug Power Inc. class action lawsuit charges Plug Power and certain of its executives with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers or acquirers of Plug Power securities between November 9, 2020 and March 1, 2021, inclusive (the “Class Period”).  The Plug Power class action lawsuit was commenced on March 8, 2021 in the Southern District of New York and is captioned Beverly v. Plug Power Inc., No. 21-cv-02004.

Plug Power provides hydrogen fuel cell turnkey solutions focused on systems used to power electric motors in the electric mobility and stationary power markets.

The Plug Power class action lawsuit alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) Plug Power 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; (ii) Plug Power was reasonably likely to report material weaknesses in its internal control over financial reporting; and (iii) as a result of the foregoing, defendants’ positive statements about Plug Power’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On March 2, 2021, Plug Power 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 Power 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 Power 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 approximately 7%, damaging investors.

The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Plug Power securities 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 of the Plug Power action lawsuit is not dependent upon serving as lead plaintiff.  If you wish to serve as lead plaintiff of the Plug Power class action lawsuit or have questions concerning your rights regarding the Plug Power class action lawsuit, please provide your information here or contact counsel, Michael Albert of Robbins Geller, at 800/449-4900 or 619/231-1058 or via e-mail at malbert@rgrdlaw.com.  Lead plaintiff motions for the Plug Power class action lawsuit must be filed with the court no later than May 7, 2021.

Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities class action litigation.  With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history.  For eight consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements.  Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims.  Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide.  Robbins Geller attorneys are consistently recognized by courts, professional organizations and the media as leading lawyers in the industry.

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