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Lawsuit filed for Investors in shares of Plug Power Inc. (NASDAQ: PLUG) over alleged Violations of Securities Laws

04-19-2023 05:15 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 i over alleged violations of Federal Securities Laws by Plug Power Inc. in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Plug Power Inc. (NASDAQ: PLUG) have certain options and for certain investors are short and strict deadlines running. Deadline: June 12, 2023. NASDAQ: PLUG investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Latham, NY based Plug Power Inc. delivers end-to-end clean hydrogen and zero-emissions fuel cell solutions for supply chain and logistics applications, on-road electric vehicles, stationary power market, and others in North America and internationally.

On October 14, 2022, Plug Power Inc. announced 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 November 8, 2022, Plug Power Inc reported its financial results for the third quarter of 2022, reporting a decrease in gross margins and a further increase in inventory levels.

Then, after the market had closed on January 25, 2023, Plug Power Inc. 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."

Then, on March 1, 2023, Plug Power Inc announced its financial results for the fourth quarter and full year 2022, including full-year revenue growth of just 40% on a year-over-year basis-missing even the reduced guidance range provided just a few weeks prior.
Shares of Plug Power Inc. (NASDAQ: PLUG) declined to as low as $8.90 per share on April 10, 2023.

The plaintiff claims that between August 9, 2022 and March 1, 2023, the Defendants misrepresented and/or failed to disclose that Plug Power Inc was unable to effectively manage its supply chain and product manufacturing, resulting in reduced revenues and margins, increased inventory levels, and several large deals being delayed until at least 2023, among other issues, and that as a result, Defendants' statements about the company's business, operations, prospects, and ability to effectively manage its supply chain and production 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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