Bernstein Liebhard LLP Announces that a Securities Class Action Lawsuit Has Been Filed Against Plug Power, Inc.
NEW YORK, March 9, 2021 (GLOBE NEWSWIRE) – Bernstein Liebhard, a nationally recognized investor rights law firm, announces that a class action lawsuit has been filed on behalf of investors who have bought or acquired the securities of Plug Power, Inc. (“Plug Power” or the “Company”) (NASDAQ: PLUG) from November 9, 2020 to March 1, 2021 (the “Class Period”). The lawsuit filed in the U.S. District Court for the Southern District of New York alleges violations of the Securities Exchange Act of 1934.
If you Purchased Plug Power securities and / or wish to discuss your statutory rights and options Please visit the Plug Power Shareholder Class Action or contact Matthew E. Guarnero toll-free at (877) 779-1414 or MGuarnero@bernlieb.com
The complaint alleges that throughout the class period, defendants made materially false and / or misleading statements and failed to communicate to investors: (1) that the company would not be able to deliver its 2020 annual report to be submitted in a timely manner Review of the classification of certain costs and the recoverability of the right to use assets in 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.
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 company’s share price fell $ 3.68, or 7%, to close at $ 48.78 per share on March 2, 2021 in an unusually high trading volume. The stock price fell further $ 9.48, or 19.4%, for three consecutive trading sessions, closing at $ 39.30 per share on March 5, 2021 with an unusually high trading volume. The complaint filed in this class action alleges that throughout the collection period the defendants made materially false and / or misleading statements and did not disclose material adverse facts about the business, business and prospects of the company.
If you want to serve as the lead plaintiff, you must transfer the court no later than May 7, 2021. A lead plaintiff is a representative party who acts on behalf of other class members in directing the dispute. Your ability to partake in a recovery does not require you to be the lead plaintiff. If you don’t take action, you may remain an absent class member.
If you Purchased Plug Power securities and / or wish to discuss your statutory rights and options Please visit https://www.bernlieb.com/cases/plugpowerinc-plug-shareholder-class-action-lawsuit-stock-fraud-378/apply/ or contact Matthew E. Guarnero toll-free at (877) 779-1414 or MGuarnero@bernlieb.com
Since 1993, Bernstein Liebhard LLP has collected more than $ 3.5 billion for its clients. In addition to representing individual investors, the firm has been hired by some of the country’s largest public and private pension funds to oversee their assets and litigate on their behalf. Because of its litigation success with hundreds of lawsuits and class actions, the firm has been featured on the National Law Journal’s “Hot List” thirteen times and on The Legal 500 for ten consecutive years.
LAWYER. © 2021 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The attorney responsible for this Connecticut state complaint is Michael S. Bigin. Past results do not guarantee or forecast a similar result with respect to future matters.
Matthew E. Guarnero
Bernstein Liebhard LLP