Plug Power, Inc. (NASDAQ: PLUG)

This lawsuit is for anyone who acquired securities in Plug Power, Inc. (NASDAQ: PLUG) from August 9, 2022 through March 1, 2023.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by failing to timely inform investors that the Company was unable to effectively manage its supply chain and product manufacturing, resulting in reduced revenues and margins, increased inventory levels, and several large deals being delayed until at least 2023.

On October 14, 2022, Plug disclosed that its full-year revenue could be as much as 10% lower than previously expected because of “some larger projects potentially being completed in 2023 instead of 2022 due to timing and broader supply chain issues.” On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then, on November 8, 2022, Plug released its third quarter 2022 financial results, reporting a decrease in gross margins and a further increase in inventory levels. On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume. Then, on January 25, 2023, Plug announced that it expected to generate year-over-year revenue growth of just 45% to 50% in 2022, despite previous claims that revenue growth would be at least 60%. The Company explained that new products had come out “a little slower” than it hoped, while the Company’s manufacturing had “a few more issues” that it hoped, which added “complexity to the supply chain.” On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume. Finally, on March 1, 2023, after market hours, Plug released its fourth quarter and full year 2022 financial results, revealing full-year revenue growth of only 40% on a year-over-year basis. On this news, Plug’s stock price fell $0.88, or 6.2%, to close at $13.33 per share on March 2, 2023, thereby injuring investors further. On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Plug Power, Inc. (NASDAQ: PLUG) from August 9, 2022 through March 1, 2023 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.