Deadline in 2 Days: Kessler Topaz Meltzer & Check, LLP Reminds Investors of Class Action Lawsuit Against Plug Power, Inc. (PLUG) – EXPANDED CLASS PERIOD
RADNOR, Pa .– (BUSINESS WIRE) – The law firm of Kessler Topaz Meltzer & Check, LLP, is reminding Plug Power Inc. (NASDAQ: PLUG) (“Plug”) investors of the May 7, 2021 deadline in the class action lawsuit filed against Plug for securities fraud. A new Complaint has been filed with an Extended 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”).
Investor Reminder: Investors who bought or acquired Plug Securities during the Class Period may, no later than May 7, 2021try to be appointed as the plaintiff’s principal representative of the class. For more 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; by email to email@example.com; or click on https://www.ktmc.com/plug-power-class-action-lawsuit?utm_source=PR&utm_medium=link&utm_campaign=Plug_Power
Plug offers comprehensive turnkey hydrogen fuel cell solutions that focus on systems that power electric motors in the electric mobility and stationary power market.
The class period begins on November 9, 2020 when Plug submitted its quarterly report on a Form 10-Q for the period ending September 30, 2020. With regard to Plug’s disclosure controls and internal controls over financial reporting, the report found in a relevant part that Plug’s disclosure controls and procedures are effective … [and that] [t]There were no changes in [Plug’s] Internal control over financial reporting that occurred in the last fiscal quarter and that has a material impact or is reasonably likely to have a material impact. [Plug’s] internal control over financial reporting. ”
The truth about Plug’s weaknesses in its internal control over financial reporting was revealed on March 2, 2021, when Plug filed a late filing notice with the Securities and Exchange Commission prior to the opening of the market, stating that this was not possible timely filing of the annual report for the period ending December 31, 2020, as Plug is a “review and assessment of the treatment of certain costs in terms of the classification between research and development compared to the cost of goods sold and the Recoverability of the related usage rights has been carried out with certain rental agreements and certain internal controls in these and other areas. “Plug stated that”[i]It is possible that one or more of these items lead to charges or adjustments to the current and / or the previous year’s financial statements. ”
Following the news, Plug’s share price fell $ 3.68, or 7%, to close at $ 48.78 per share on March 2, 2021. Plug’s share price fell further $ 9.48, or 19.4%, for three consecutive trading sessions, closing at $ 39.30 per share on March 5, 2021.
On March 16, 2021, Plug published a press release announcing that the company would have to adjust its previous financial results for fiscal years 2018 and 2019 and quarterly filings for 2019 and 2020 due to several accounting “errors”. On the same day, Plug filed a Form 8-K with the SEC stating that Plug expects an impairment related to long-lived assets and a material weakness in its internal controls over financial reporting. The latest report also advised that due to the numerous accounting errors described above, investors should not rely on the company’s previously published 2018 financial statements and that those earlier results would be restated.
As a result of this news, the price of the Plug share fell $ 10.10 per share and closed at $ 36.36 per share on March 18, 2021, a decrease of 22% in three trading days.
The complaint alleges that throughout the class period, defendants failed to advise investors that: (1) Plug overestimated the carrying amount of lease-related rights of use and funding obligations; (2) Plug had underestimated the provisions for certain service contracts. (3) certain Plug long-lived assets suffered material impairments, including rights of use and fixed assets; (4) Plug had misclassified certain key costs resulting in an overestimation of operating, research and development costs and an understatement of cost of sales. (5) Plug suffered from significant weaknesses in its internal controls over financial reporting. and (6) as a result of the foregoing, Defendants’ positive statements about Plug’s business, operations, and prospects were materially misleading and / or unfounded.
Plug investors can no later than May 7, 2021, attempt to be appointed as the class lead plaintiff by Kessler Topaz Meltzer & Check, LLP, or other attorney, or 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 dispute. To be named 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 is adequately representing the class. Your ability to get involved in a recovery will not be affected by whether or not you will be the lead plaintiff.
Kessler Topaz Meltzer & Check, LLP, pursues class action lawsuits in state and federal courts across the country involving securities fraud, fiduciary violations, and other violations of federal and state law. Kessler Topaz Meltzer & Check, LLP, is a driving force behind corporate governance reform and has reclaimed billions of dollars on behalf of institutional and individual investors from the US and around the world. The company represents investors, consumers and whistleblowers (individuals who report fraudulent practices against the government and are involved in recovering government dollars). The complaint in this lawsuit was not filed by Kessler Topaz Meltzer & Check, LLP. Further information on Kessler Topaz Meltzer & Check, LLP can be found at www.ktmc.com.