SAN FRANCISCO, May 01, 2024 (GLOBE NEWSWIRE) -- Hagens Berman announces that the firm has filed a new class action lawsuit against Plug Power Inc. (NASDAQ: PLUG) and certain of its senior executives.
The new complaint extends the alleged fraudulent period in the pending litigation against Plug Power, contending that Plug Power’s stock was artificially inflated by defendants’ alleged fraud from Mar. 1, 2023 through Jan. 16, 2024, inclusive (“Extended Class Period”).
Lead plaintiff motions for the Plug Power class action litigation must still be filed with the Court no later than May 21, 2024. Hagens Berman therefore urges investors who suffered substantial losses on purchases of Plug Power securities during the Extended Class Period and who wish to serve as lead plaintiff of the Plug Power litigation to contact Hagens Berman now.
Extended Alleged Class Period: Mar. 1, 2023 – Jan. 16, 2024
Lead Plaintiff Deadline: May 21, 2024
Website: www.hbsslaw.com/investor-fraud/PLUG
Contact Email: PLUG@hbsslaw.com Phone: 844-916-0895
Hagens Berman’s New PLUG Securities Fraud Class Action Alleging Extended Class Period:
The new class action, filed in the United States District Court for the Northern District of New York, and captioned Lee v. Plug Power Inc., et al., Case No. 1:24-CV-598 (MAD/DJS), seeks to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
The new class action is related to pending securities class action litigation against Plug Power in the Northern District of New York, Adote v. Plug Power, Inc., 1:24-CV-406 (MAD/DJS), which alleges a class period of May 9, 2023 through January 16, 2024, inclusive.
The new class action, however, alleges a broader class period, as the new case is brought on behalf of all investors who purchased or otherwise acquired PLUG securities during the Extended Class Period – between Mar. 1, 2023 and Jan. 16, 2024, inclusive.
If you are a shareholder who purchased PLUG shares during the Extended Class Period, you have until May 21, 2024, to ask the Court to appoint you as Lead Plaintiff for the class in the Plug Power litigation. A copy of the Complaint can be obtained here. Click here to discuss your legal rights with Hagens Berman.
CASE ALLEGATIONS: The new Plug Power class action lawsuit alleges that defendants throughout the Extended Class Period made false and/or misleading statements and/or failed to disclose that: (1) Plug overstated its ability and efforts to mitigate the negative impacts that supply chain constraints and material shortages could and were having on its hydrogen business, as well as the sufficiency of its cash and capital to fund its operations; (2) it continued to experience delays related to its green hydrogen production facility build-out plans, as well as in securing external funding sources to finance its growth plans; (3) it downplayed the true scope and severity of all the foregoing as these issues were eventually revealed; and (4) as a result of all of the foregoing, Plug also overstated the near-term prospects of its hydrogen production operations, as well as the viability of expanding those operations.
Investors learned the truth on Nov. 9, 2023, when Plug announced dismal Q3 2023 results. The company blamed supply challenges in the North American hydrogen network and revealed liquidity problems that raised doubts about its ability to continue as a going concern. This news caused Plug shares to plummet by over 40% on Nov. 10, 2023. Subsequently, analyst downgrades followed. On Jan. 17, 2024, Plug’s shares dropped again after Seeking Alpha reported that Morgan Stanley analyst Andrew Percoco maintained an underweight rating and a $3 price target. The analyst also reportedly warned of the increasing likelihood that Plug would need to raise $1 billion to $1.5 billion in equity capital to support its capital-intensive business.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Plug Power securities during the Class Period to seek appointment as lead plaintiff of 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. Lead plaintiff motions for the pending Plug Power class action litigation must be filed with the Court no later than May 21, 2024.
If you’d like more information and answers to frequently asked questions about the Plug Power case and our investigation, read more »
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
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Contact:
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