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Lawsuit filed for Investors in shares of Plug Power Inc. (NASDAQ: PLUG)

03-19-2021 02:39 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Plug Power Inc. (NASDAQ: PLUG) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in Plug Power Inc. (NASDAQ: PLUG) shares over alleged securities laws violations.

An investor, who purchased shares of Plug Power Inc. (NASDAQ: PLUG), filed a lawsuit over alleged violations of Federal Securities Laws by Plug Power Inc..

Investors who purchased shares of Plug Power Inc. (NASDAQ: PLUG) have certain options and for certain investors are short and strict deadlines running. Deadline: May7, 2021. NASDAQ: PLUG investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Lahtam, NY based Plug Power Inc. provides hydrogen fuel cell turnkey solutions for the electric mobility and stationary power markets in North America and Europe. On March 2, 2021, Plug Power Inc. g filed a Notification of Late Filing with the Securities and Exchange Commission (“SEC”) stating that it could not timely file its annual report for the period ended December 31, 2020 because the Company 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.” The Company 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.” Shares of Plug Power Inc. (NASDAQ: PLUG) declined from $75.49 per share in January 2021 to as low as $33.26 per share on March 5, 2021.

The plaintiff claims that between November 9, 2020 and March 1, 2021, the defendants failed to disclose to investors that the Company 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, that the Company was reasonably likely to report material weaknesses in its internal control over financial reporting, and that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Those who purchased shares of Plug Power Inc. (NASDAQ: PLUG) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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