Kessler Topaz Meltzer & Check, LLP Reminds Investors of Deadline for Securities Fraud Class Action Lawsuit Filed Against Plug Power, Inc.
RADNOR, Pa .– (BUSINESS WIRE) – The law firm of Kessler Topaz Meltzer & Check, LLP, announces that a class action lawsuit for securities fraud has been filed against Plug Power Inc. (NASDAQ: PLUG) (“Plug”) in the US District Court for the Southern District of New York Names of those who bought or acquired Plug Securities between November 9, 2020 and March 1, 2021 (including 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 market opening, which found it to be late that the annual report could not be submitted in time for the period ending December 31, 2020, as Plug was “reviewing and evaluating the treatment of certain costs with regard to the classification between research and development compared to the costs of goods sold, the recoverability of Rights of use 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. ”
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.
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 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 those 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 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. For more information on Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.