PLUG CLASS ACTION NOTICE: Glancy Prongay & Murray LLP Files Securities Fraud Lawsuit Against Plug Power Inc.
THE ANGEL–(BUSINESS WIRE) – Glancy Prongay & Murray LLP (“GPM”) announces that they have filed a class action lawsuit in the US District Court for the Southern Borough of New York entitled Beverly v. Plug Power Inc. et al. (Case No. 1: 21-cv-02004) on behalf of any person or entity who between November 9, 2020 and March 1, 2020, has securities of Plug Power Inc. (“Plug” or the “Company”) (NASDAQ: PLUG) purchased or otherwise acquired in 2021 inclusive (the “Class Period”). Plaintiff is pursuing claims under Sections 10 (b) and 20 (a) of the Securities Exchange Act of 1934 (the “Exchange Act”).
Investors are hereby notified that they have 60 days after such notification to appoint the court as the lead plaintiff in this lawsuit.
If you have suffered a loss on your plug investments or would like to inquire about whether you may be able to make claims to recover your loss under federal securities laws, you can find your contact information at https://www.glancylaw.com/cases / submit plug-power -inc /. You can also contact Charles H. Linehan of GPM at 310-201-9150, toll free at 888-773-9224, or by email at Shareholder@glancylaw.com or on our website at www.glancylaw.com for more information about your rights.
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 company’s business, business and prospects. 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.
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If you purchased or otherwise acquired Plug Securities during the class period, you may move the court no later than 60 days after this notice and ask the court to appoint you as the lead plaintiff. You don’t need to take any action at this point to be a member of the class. You can keep an attorney of your choice or you can take no action and remain an absent member of the class. If you would like to learn more about this promotion, or have any questions about this announcement or your rights or interests in relation to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, toll free at 888-773-9224, email firstname.lastname@example.org, or visit our website at www.glancylaw.com. When inquiring by email, please include your postal address, telephone number and the number of shares purchased.
This press release may be viewed as a solicitor’s advertisement in some jurisdictions under applicable laws and ethical rules.