NEW YORK, April 08, 2021 (GLOBE NEWSWIRE) — Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors, is investigating claims of violations of federal securities laws on behalf of investors of Plug Power Inc. (“Plug Power” or the “Company”) (NASDAQ:PLUG).
Plug Power is a developer of hydrogen fuel cell solutions focused on electric motors. According to a recently filed complaint, the Company and its senior management failed to disclose to investors that Plug Power suffered from material weaknesses in its internal controls over financial reporting, including with respect to the classification of certain costs and the recoverability of the right to use assets with certain leases.
The truth regarding Plug Power’s weaknesses in its internal control over financial reporting was revealed on March 2, 2021, when the Company filed a Notification of Late Filing with the U.S. Securities and Exchange Commission. In that filing, Plug Power stated that it could not timely file its annual report for the period ended December 31, 2020 because it 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.” On this news, shares fell $3.68 per share, or 7%, to close at $48.78 on March 2, 2021.
Thereafter, on March 16, 2021, Plug Power announced that it would restate its financial statements for fiscal years 2018 and 2019, as well as quarterly reports for 2019 and 2020. By March 17, shares had declined to a closing price of $39.33 per share, down from a March 1 closing price of $52.46 per share.
If you purchased Plug Power securities between November 9, 2020 and March 1, 2021, inclusive, you have until May 7, 2021 to ask the Court to appoint you as Lead Plaintiff for the class. To participate, learn more, or discuss the issues surrounding the investigation, please contact our attorneys at (914) 733-7256 or via email at email@example.com.
Whistleblowers: Persons with non-public information regarding Plug Power should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.
About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has previously recovered billions of dollars on behalf of investors.
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