Plug Power, Inc. Investors: Last Days to Participate Actively in the Class Action Lawsuit; Portnoy Law Firm

Plug Power, Inc. Investors: Last Days to Participate Actively in the Class Action Lawsuit; Portnoy Law Firm

Investors with $400,000 or more in losses are encouraged to contact the firm before May 7, 2021; click here to submit trade information

LOS ANGELES, May 04, 2021 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Plug Power, Inc. (NASDAQ: PLUG) investors that acquired shares between November 9, 2020 through March 1, 2021. Investors have until May 7, 2021 to seek an active role in this litigation.

Investors are encouraged to contact attorney Lesley F. Portnoy, to determine eligibility to participate in this action, by phone 310-692-8883 or email, or click here to join the case.

Prior to the commencement of the day’s trading on March 2, 2021, Plug filed a Notification of Late Filing with the U.S. Securities and Exchange Commission (SEC) which stated that it could not timely file its annual report for the period ended December 31, 2020 because they were 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.” Plug 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.”

Plug’s stock price fell by $3.68, or approximately 7%, on this news, 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, closing at $39.30 per share on March 5, 2021.

On March 16, 2021, Plug announced that it would have to restate financial statements for fiscal years 2018 and 2019, and quarterly filings for 2019 and 2020. Plug will not file its form 10K as planned and said it will do so "as soon as possible." as a result of the restatement.

A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than May 7, 2021.

Please visit our website to review more information and submit your transaction information.

The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.

Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
[email protected]

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