Plug Power Inc. (PLUG) Investors Should Contact Law Firm Moore Kuehn, PLLC
***Please contact [email protected] only if you acquired shares before November 9, 2020
Moore Kuehn, PLLC, a securities law firm located on Wall Street, is investigating potential claims involving directors and officers of Plug Power Inc. (NASDAQ: PLUG) regarding possible breaches of fiduciary duties related to whether insiders caused their companies to make false and/or misleading statements and/or failed to disclose, among other things, that:
(1) Plug Power would be unable to timely file its 2020 annual report due to the review of classification of certain costs and the recoverability of the right to use assets with certain leases; (2) Plug Power was reasonably likely to report material weaknesses in its internal control over financial reporting; and (3) certain officers or directors made substantial Plug Power stock sales while in possession of material nonpublic information.
On March 16, 2021, Plug Power announced that it will restate its previously issued financial statements for fiscal years 2018 and 2019 and other filings for 2019 and 2020 due to errors in accounting. On this news, PLUG shares fell 10%. 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 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 shocked 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. Plug power has fallen more than 50% since March 5,…