Plug Power, Inc. (NASDAQ: PLUG)

This lawsuit is for anyone who acquired securities in Plug Power, Inc. (NASDAQ: PLUG) from May 9, 2023 through January 16, 2024.

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 overstating its ability and/or efforts to mitigate the negative impacts that supply chain constraints and material shortages could have or were having on the Company’s hydrogen business, as well as the sufficiency of the Company’s cash and capital to fund its operations.

On November 9, 2023, Plug released its third quarter 2023 financial results, reporting GAAP earnings-per-share (“EPS”) of -$0.47, missing consensus estimates by $0.16, and revenue of $198.71 million, missing consensus estimates by $23.02 million. The Company blamed its poor performance on “unprecedented supply challenges in the hydrogen network in North America.” On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then, on January 17, 2024, Seeking Alpha reported that analysts expected “further delays at Plug’s green hydrogen production facility” and “an increasing probability that Plug will need to raise $1B-$1.5B of equity and equity-like capital to fund its highly capital intensive business to provide itself runway to improve its margin and cash flow profile, which is not fully baked into the current share price.” 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 May 9, 2023 through January 16, 2024 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.