Kirby McInerney LLP Reminds Investors That a Class Action Lawsuit Has Been Filed Against Plug Power Inc. and Encourages Investors to Contact the Firm Before May 7, 2021
NEW YORK, March 21, 2021 (GLOBE NEWSWIRE) – Law firm Kirby McInerney LLP is reminding investors that a class action lawsuit has been filed in the U.S. District Court for the Southern Borough of New York on behalf of those who acquired Plug Power Inc. (“Plug” or the “Company”) (NASDAQ: PLUG) securities from November 9, 2020 through March 1, 2021 inclusive (the “Class Period”). Investors have until May 7, 2021 to apply to the court for appointment as the lead plaintiff in the lawsuit.
On March 2, 2021, before the market opened, Plug filed a late filing notice with the SEC advising that the annual report for the period ended December 31, 2020 could not be filed on time because the Company undertakes a “review and assessment of the treatment of certain costs in relation to the classification between research and development compared to the cost of goods sold, the recoverability of usage rights in connection with certain rental agreements and certain internal controls in these and other areas. “The company stated:”[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. “
In that news, the price of Plug shares fell $ 3.68 per share, or approximately 7%, from $ 52.46 per share to $ 48.78 per share on March 2, 2021 amid unusually high trading volumes. The stock price declined $ 9.48 per share, or approximately 19.4%, for the next three consecutive trading sessions, closing at $ 39.30 per share on March 5, 2021.
The complaint filed in this lawsuit alleges that throughout the teaching period, the defendants made materially false and / or misleading statements and did not disclose material adverse facts about the business, operations and prospects of the company. Specifically, Defendants have failed to notify investors: (1) that the Company is unable to submit its 2020 Annual Report in a timely manner due to delays related to the review of the classification of certain costs and the recoverability of the right to use assets with certain leases; (2) that the company has reported material weaknesses in its internal control over financial reporting with a sufficient degree of probability; and (3) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations and prospects were materially misleading and / or unfounded.
If you have purchased or otherwise acquired Plug Securities, have information or would like to learn more about these claims, please contact Thomas W. Elrod from Kirby McInerney LLP at 212-371-6600, by email at Investigations@kmllp.comor by completing this contact form to discuss your rights or interests in relation to these matters at no cost to you.
Kirby McInerney LLP is a New York-based law firm focused on securities, antitrust, whistleblower and consumer litigation. The company’s efforts on behalf of shareholders in securities disputes have resulted in total recoveries of $ billion. For more information about the company, please visit the Kirby McInerney LLP website: http://www.kmllp.com.
This press release may be viewed as a solicitor’s advertisement in some jurisdictions under applicable laws and ethical rules.
Kirby McInerney LLP
Thomas W. Elrod, Esq.