NEW YORK, April 28, 2021 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of those who acquired Plug Power Inc. (“Plug” or the “Company”) (NASDAQ: PLUG) securities from November 9, 2020 through March 1, 2021, inclusive (the “Class Period”).
All investors who purchased shares of Plug Power Inc. and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in the shares of Plug Power Inc., you may, no later than May 7, 2021, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Plug Power Inc.
On March 2, 2021, prior to the commencement of the day’s trading, the Company filed a Notification of Late Filing with the U.S. Securities and Exchange Commission (SEC) stating that it could not timely file its annual report for the period ended December 31, 2020 because the Company 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.” The Company 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.”
On this news, the Company’s stock price fell by $3.68, or approximately 7%, to close at $48.78 per share on March 2, 2021, on unusually heavy trading volume. The share price declined by $9.48, or approximately 19.4%, over the next three consecutive trading sessions to close at $39.30 per share on March 5, 2021.
Subsequently, on March 16, 2021, Plug announced that it would have to restate financial statements for fiscal years 2018 and 2019 as well as quarterly filings for 2019 and 2020. As a result of the restatement, Plug will not file its form 10K as planned and said it will do so "as soon as possible."
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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