Philadelphia, Pennsylvania--(Newsfile Corp. - April 7, 2021) - Berger Montague is investigating potential securities fraud claims against Plug Power Inc. ("Plug" or the "Company") (NASDAQ: PLUG) on behalf of investors who purchased Plug securities between November 9, 2020 and March 1, 2021 (the "Class Period").
If you purchased Plug securities during the Class Period, have questions concerning your rights or interests, or would like to discuss Berger Montague's investigation, please contact attorneys Andrew Abramowitz at firstname.lastname@example.org or (215) 875-3015, or Donnell Much at email@example.com or (215) 875-4667, or contact us at www.bergermontague.com/plug.
Plug is a developer of hydrogen fuel cell solutions focused on electric motors. According to a recently filed complaint, throughout the Class Period, the Company and its senior management failed to disclose to investors that Plug 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'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 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 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 securities during the Class Period, you may seek Court appointment as lead plaintiff to represent other injured investors in a class action. The lead plaintiff appointment deadline is May 7, 2021. You do not need to be a lead plaintiff to share in any potential Class recovery.
Whistleblowers: Persons with non-public information regarding Plug are encouraged to confidentially assist Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Andrew Abramowitz, Senior Counsel
Donnell Much, Associate
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