Plug Power Inc. (PLUG) Failed to Disclose its Inability to Effectively Manage its Supply Chain and Product Manufacturing
A shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Plug Power Inc. (NASDAQ: PLUG) common stock between August 9, 2022 and March 1, 2023, for violations of the Securities Exchange Act of 1934. Plug is a hydrogen fuel cell company that develops power systems for use in electric vehicles, stationary power units, and other purposes.
According to the complaint, throughout the class period, defendants failed to disclose material adverse facts about the Company’s business and operations. Specifically, Defendants misrepresented and/or failed to disclose 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, among other issues. These issues resulted in a decrease in the Company’s revenue growth and a steady decline in the price of Plug’s common stock.
What Now: Similarly situated shareholders may be eligible to participate in the class action against Plug. Shareholders who want to act as lead plaintiff for the class must file their papers by June 12, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
