SAN DIEGO, May 4, 2021 /PRNewswire/ --Johnson Fistel, LLP announces that a class action lawsuit has commenced on behalf of shareholders of Plug Power Inc. (Plug Power or the Company) (NASDAQ: PLUG) common stock, which expands the class period. The class action is on behalf of shareholders and expands the class period to those who purchased Plug Power between November 9, 2020 and March 16, 2021, both dates inclusive (the Class Period). If you wish to serve as lead plaintiff in this class action, you must move the Court no later than May 7, 2021.
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The Plug Power class action lawsuit charges Plug Power and certain of its officers and directors with violations of the Securities Exchange Act of 1934.
ThePlug Power class action lawsuit alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) Plug Power would be unable to timely file its 2020 annual report due to delays related to the review of classification of certain costs and the recoverability of the right to use assets with certain leases; (ii) Plug Power was reasonably likely to report material weaknesses in its internal control over financial reporting; and (iii) as a result of the foregoing, defendants' positive statements about Plug Power's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On March 2, 2021, Plug Power filed a Notification of Late Filing with the U.S. Securities and Exchange Commission stating that it could not timely file its annual report for the period ended December 31, 2020, because Plug Power was completing a review and assessment of the treatment of certain costs with regards to classification between Research and Development versus Costs of Goods Sold, the recoverability of right of use assets associated with certain leases, and certain internal controls over these and other areas. Plug Power stated that [i]t is possible that one or more of these items may result in charges or adjustments to current and/or prior period financial statements.