Plug Power, Inc.

Beverly v. Plug Power Inc., et al., No. 1:21-cv-02004 (S.D.N.Y.)

On March 16, 2021, Plug Power announced that it will restate its previously issued financial statements for fiscal years 2018 and 2019 and its quarterly filings for 2019 and 2020 due to errors in accounting and in particular how non-cash items were being calculated. On this news, PLUG shares fell 10% in extended market trading.  On March 2, 2021, the Company announced that it would not be able to timely file its annual report for the year ended December 31, 2020 because it was completing a “review and assessment 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 those and other areas.” Plug Power further stated that it “is possible that one or more of these items may result in charges or adjustments to current and/or prior period financial statements.” The market was stunned by this development, with shares falling 7% on March 2, 2021, and continuing to fall approximately 19.4% over three consecutive trading sessions to close at just $39.30 per share on March 5, 2021.

Lead Plaintiff deadline
May 7, 2021
class period
November 9, 2020
March 1, 2021
Case Documents
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