NEW YORK, March 22, 2021 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Plug Power Inc. (“Plug Power” or the “Company”) (NASDAQ: PLUG). Plug Power claims to be a leading provider of clean hydrogen and zero-emission fuel cell solutions. A complaint has been filed on behalf of investors who purchased or otherwise acquired Plug Power securities between November 9, 2020 and March 1, 2021 (the “Class Period”).
On March 2, 2021, Plug Power filed a Notification of Late Filing with the SEC stating that it could not timely file its annual report for the period ending December 31, 2020 because the Company was completing a “review and assessment of the treatment of certain costs with regard to the 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 also stated that “[i]t is possible that one or more of these items may result in charges or adjustment to current and/or prior period financial statements.”
Following this news, the Company’s stock price fell $3.68 per share, or 7%, to close at $48.78 per share on March 2, 2021.
On March 16, 2021, after the market closed, Plug Power issued a press release announcing that it had found accounting errors and would restate its previously issued financial statements for the years ended December 31, 2018 and 2019 and its quarterly filings for 2019 and 2020, which “should no longer be relied upon.”
Following this news, Plug Power’s shares fell $3.35 per share, or 7.85%, to close at $39.33 per share on March 17, 2021.
If you are a member of the proposed Class, you may move the court no later than May 7, 2021 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, your rights, or your interests, please contact:
Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(212) 329-8571
E-mail: jcampisi@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com