RADNOR, Pa., March 27, 2021 (GLOBE NEWSWIRE) – Kessler Topaz law firm Meltzer & Check, LLP alleges that a securities fraud class action lawsuit has been filed in the U.S. District Court for District A South New York. against Plug Power Inc. (NASDAQ: PLUG) (“Plug”) on behalf of those who purchased or acquired Plug securities between November 9, 2020 and March 1, 2021, inclusive (the “class time”).
Investment date reminder: Investors who purchased or acquired Plug securities during class time can, no later than May 7, 2021, trying to be appointed as the plaintiff ‘s leading representative of the class. For more information or to find out how you can participate in this law, contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 and Adrienne Bell, Esq. (484) 270-1435; tax free at (844) 887-9500; via email at [email protected]; no click https://www.ktmc.com/plug-power-class-action-lawsuit?utm_source=PR&utm_medium=link&utm_campaign=Plug_Power
Plug-in provides turnkey solutions of targeted hydrogen fuel cell systems used to power electric motors in the electric transfer and stationary power markets.
The Class Period begins on November 9, 2020, when Plug submitted their quarterly report on Form 10-Q for the period ended September 30, 2020. Regarding Plug publishing controls and controls internal to the financial statement, the report stated, in a material part that “Plugin disclosure controls and procedures are effective… [and that] [t]here there were no changes [Plug’s] internal control over a financial statement which has occurred in the last fiscal quarter which has had, or is likely to have, a material effect, [Plug’s] internal control over financial reporting. ”
The truth about Plug’s weaknesses in its internal control financial statement was revealed on March 2, 2021 when, prior to the market opening, Plug filed a Late Return Notice with the U.S. Securities and Exchange Commission say that they could not submit their annual report on time. for the period ended 31 December 2020 as Plug completed “review and assessment of the treatment of certain costs in relation to the classification between Research and Development against Costs of Goods Sold, recovery of right to use funds co -bound to some receptors, and some internal control over these and other areas. “Plug said”[i]One or more of these may result in costs or changes in current and / or prior financial statements. “
Following this news, Plug stock price fell $ 3.68, or 7%, to close at $ 48.78 per share on March 2, 2021. Plug share price continued to decline by $ 9.48, or 19.4%, over three consecutive trading sessions to close at $ 39.30 per share on March 5, 2021.
Subsequently, on March 16, 2021, Plug announced that it will need to restate financial statements for fiscal years 2018 and 2019 as well as quarterly filming for 2019 and 2020. As a result of the recapitulation, Plug will not filed his 10K form by Tuesday as planned and said he would do so “as soon as possible. ”
The complaint alleges that, during class time, the defendants failed to tell investors: (1) that Plug would not be able to submit their 2020 annual report promptly due to delays related to the review of the classification of certain expenses and the recovery of the right to use funds by certain leases; (2) A plug appeared to report material weaknesses in its internal control over financial reporting; and (3) as a result of what has been said, the defendants’ positive statements about Plug’s business, work and expectations were substantially misleading and / or lacked a reasonable basis.
Investors can plug in, no later than May 7, 2021, try to be appointed as the plaintiff ‘s lead class representative through Kessler Topaz Meltzer & Check, LLP or other advisor, or they may choose to do nothing and remain an absent member of the class. A master planner is a representative party that acts on behalf of class members in enforcing the law. In order to be named as the lead planner, the Court must confirm that the class member’s application is standard in the applications of other class members, and that the class member will appropriately represent the class. The decision as to whether or not you should be the main complainant has no effect.
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts across the country including securities fraud, breach of trust obligations and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is the driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The company represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and participate in recovering government dollars) . The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP visit www.ktmc.com.
INFORMATION:
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500 (tax free)
[email protected]