Kessler Topaz Meltzer & Check, LLP Reminds Investors of Deadline in Securities Fraud Class Action Lawsuit Filed Against Plug Power, Inc. (PLUG)
RADNOR, Pa., April 24, 2021 (GLOBE NEWSWIRE) – The law firm Kessler Topaz Meltzer & Check, LLP is reminding investors that a class action securities fraud lawsuit has been filed in the United States District Court for the Southern District of New York against Plug Power Inc. (NASDAQ: PLUG) (“Plug”) on behalf of those who have purchased or acquired Plug securities between November 9, 2020 and March 1, 2021, including (the “Class Period”).
Investor Deadline Reminder: Investors who have bought or acquired plug securities during the class period no later than May 7, 2021, want to be appointed as a lead prosecutor representative of the class. For more information or to learn how to participate in this lawsuit, contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll-free at (844) 887-9500; via email at [email protected]; or Click https://www.ktmc.com/plug-power-class-action-lawsuit?utm_source=PR&utm_medium=link&utm_campaign=Plug_Power
Plug offers comprehensive turnkey hydrogen fuel cell solutions targeting systems used to power electric motors in the electric mobility and stationary energy markets.
The truth about Plug’s weaknesses in its internal control over financial reporting was revealed on March 2, 2021 when, before the market opened, Plug filed a Notification of Late Filing with the U.S. Securities and Exchange Commission, stating that it was not timely for the period ended December 31, 2020, as Plug was in the process of completing an “evaluation and assessment of the treatment of certain costs with regard to the classification between research and development versus cost of goods sold, the recoverability of assets with a right of use associated with certain leases, and certain internal controls in these and other areas. Plug stated that “[i]One or more of these items may result in costs or adjustments to the financial statements of the current and / or prior periods. “
Subsequently, on March 16, 2021, Plug announced that it will have to restate its financial statements for the 2018 and 2019 fiscal years, as well as the quarterly returns for 2019 and 2020. As a result of the amendment, Plug will not file its Form 10K as planned and said it will will do this “as soon as possible”.
The complaint alleges that defendants did not communicate to investors during the class period that: (1) Plug would not be able to submit its 2020 annual report in a timely manner due to delays related to the revision of the classification of certain costs and collectability of the right to use assets with certain leases; (2) Plug is reasonably likely to report material weaknesses in its internal control over financial reporting; and (3) as a result of the foregoing, defendants’ positive statements regarding Plug’s business, activities and prospects were materially misleading and / or lacked a reasonable basis.
Plug investors can, no later than May 7, 2021, through Kessler Topaz Meltzer & Check, LLP or other counsel, wish to be appointed as the lead applicant-representative of the class, or may choose to do nothing and remain an absent class member. A lead applicant is a representative who acts on behalf of all group members in directing the lawsuit. To be appointed as lead plaintiff, the court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to participate in any recovery is not affected by the decision whether or not to act as the lead applicant.
Kessler Topaz Meltzer & Check, LLP is prosecuting class actions in state and federal courts across the country regarding securities fraud, violations of fiduciary duties, and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a 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 (individuals who report fraudulent practices against the government and cooperate in the recovery of government dollars). The complaint in this case was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP, visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500 (Toll Free)