Kessler Topaz Meltzer & Check, LLP Reminds Investors of Securities Fraud Class Action Lawsuit Filed Against Plug Power, Inc.
RADNOR, Pa., March 17, 2021 / PRNewswire / – Kessler Topaz Meltzer & Check, LLP’s law firm advises investors that a class action lawsuit for securities fraud has been brought against Plug Power Inc. (NASDAQ: PLUG) (“Plug”) on behalf of those who have purchased or acquired plug securities between November 9, 2020 and March 1, 2021including (the “Class Period”).
Investor Deadline Reminder: Investors who have bought or acquired Plug Securities during the class period can do so 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; per email to [email protected];; 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 truth about Plug’s weaknesses in its internal control over financial reporting was revealed on May 23rd March 2, 2021 When Plug filed a late filing report with the US Securities and Exchange Commission prior to the market opening, which found that the company’s annual report for the expired period could not be filed on time December 31, 2020 because Plug performed a “review and assessment of the treatment of certain costs in terms of the classification between research and development versus the cost of goods sold, the recoverability of usage rights in connection with certain leases, 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. ”
Then continue March 16, 2021, Plug announced that the annual financial statements for fiscal years 2018 and 2019 and the quarterly filings for 2019 and 2020 will have to be adjusted. Due to the restatement, Plug will not and will not submit its Form 10K as planned. ” as soon as possible.”
The complaint alleges that throughout the class period, defendants failed to advise investors that: (1) Plug could not submit its 2020 annual report in a timely manner due to delays related to the review of the classification of certain costs and the company’s eligibility for reimbursement to use assets under certain leases; (2) With sufficient probability, Plug has reported significant weaknesses in its internal control of financial reporting. and (3) as a result of the foregoing, Defendants’ positive statements about Plug’s business, operations, and prospects were materially misleading and / or unfounded.
Plug investors are allowed at the latest 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 actions 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 collected billions of dollars on behalf of institutional and individual investors The United States and all over 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.
Kessler Topaz Meltzer & Check, LLP
James Maro Jr., Esq.
Adrienne Bell, Esq.
280 Street of the King of Prussia
Radnor, PA 19087
(844) 887-9500 (toll free)
SOURCE Kessler Topaz Meltzer & Check, LLP