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Final Deadline Reminder: Kessler Topaz Meltzer & Check, LLP Reminds Investors of Deadline in Securities Fraud Class Action Lawsuit Against Plug Power, Inc. (PLUG)

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RADNOR, Pa., May 6, 2021 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP reminds Plug Power Inc. (NASDAQ: PLUG) ("Plug") investors of the May 7, 2021 deadline in the securities fraud class action lawsuit filed against Plug. A new complaint was filed with an expanded class period on behalf of those Plug investors who purchased or acquired Plug securities between November 9, 2020 and March 16, 2021, inclusive (the "Class Period").

KTMC Logo (PRNewsfoto/Kessler Topaz Meltzer & Check, LLP)
KTMC Logo (PRNewsfoto/Kessler Topaz Meltzer & Check, LLP)

Investor Deadline Reminder: Investors who purchased or acquired Plug securities during the Class Period may, no later than May 7, 2021, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; via e-mail at info@ktmc.com; or click https://www.ktmc.com/plug-power-class-action-lawsuit?utm_source=PR&utm_medium=link&utm_campaign=Plug_Power

Plug provides comprehensive hydrogen fuel cell turnkey solutions focused on systems used to power electric motors in the electric mobility and stationary power markets.

The Class Period commences on November 9, 2020, when Plug filed its quarterly report on a Form 10-Q for the period ended September 30, 2020. Regarding Plug's disclosure controls and internal control over financial reporting, the report stated, in relevant part that Plug's "disclosure controls and procedures are effective … [and that] [t]here were no changes in [Plug's] internal control over financial reporting that occurred during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, [Plug's] internal control over financial reporting."

The truth regarding Plug's weaknesses in its internal control over financial reporting was revealed on March 2, 2021 when, before the market opened, Plug filed a Notification of Late Filing with the U.S. Securities and Exchange Commission ("SEC") stating that it could not timely file its annual report for the period ended December 31, 2020 because Plug 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." Plug 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."

Following this news, Plug's stock price fell $3.68, or 7%, to close at $48.78 per share on March 2, 2021. Plug's share price continued to decline by $9.48, or 19.4%, over three consecutive trading sessions to close at $39.30 per share on March 5, 2021.

Then, on March 16, 2021, Plug issued a press release announcing that the company needed to restate its prior financial results for fiscal years 2018 and 2019 and quarterly filings for 2019 and 2020 because of several accounting "errors." That same day, Plug filed with the SEC a Form 8-K stating that Plug expected to recognize an impairment related to long-lived assets and a material weakness in its internal controls over financial reporting. The current report also stated that investors should not rely on the company's prior issued financial statements going back to 2018 due to the numerous accounting errors outlined above, and that these past results would be restated.

As a result of this news, the price of Plug stock fell $10.10 per share to close at $36.36 per share on March 18, 2021, a decline of 22% over three trading days.

The complaint alleges that, throughout the Class Period, the defendants failed to disclose to investors that: (1) Plug had overstated the carrying amount of right of use assets and finance obligations associated with leases; (2) Plug had understated the loss accruals relating to certain service contracts; (3) certain of Plug's long-lived assets suffered from material impairments, including right of use assets and fixed assets; (4) Plug had misclassified certain important costs, resulting in an overstatement of operating and research and development expenses and an understatement of revenue costs; (5) Plug suffered from material weaknesses in its internal controls over financial reporting; and (6) as a result of the foregoing, the defendants' positive statements about Plug's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Plug investors may, no later than May 7, 2021, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.

Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.

CONTACT:

Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500 (toll free)
info@ktmc.com

Cision
Cision

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SOURCE Kessler Topaz Meltzer & Check, LLP