Archived Investigations

Plug Power Inc. (NasdaqCM: PLUG)

Company Name:Plug Power Inc.
Stock Symbol:NasdaqCM: PLUG
Court:Northern District of New York
Class Period Start:05/09/2023
Class Period End (inclusive):01/16/2024
March 26, 2024

Plug Power and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws. 

The alleged false and misleading statements and omissions include, but are not limited to, that: (i) the Company overstated its ability and/or efforts to mitigate the negative impacts that supply chain constraints and material shortages could have or were having on the Company’s hydrogen business, as well as the sufficiency of its cash and capital to fund its operations; (ii) the Company 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; (iii) the Company downplayed the true scope and severity of all the foregoing when these issues were eventually revealed; (iv) as a result of all the foregoing, the Company also overstated the near-term prospects of its hydrogen production operations, as well as the viability of expanding those operations; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.

The case is Adote v. Plug Power Inc., et al., No. 24-cv-00406.

Click here to read the first filed complaint.