Robbins LLP is Investigating the Allegations that Plug Power Inc. (PLUG) Misled Investors Regarding the Profitability of its Hydrogen Business
Robbins LLP informs investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Plug Power Inc. (NASDAQ: PLUG) securities between May 9, 2023 and January 16, 2024. Plug provides hydrogen fuel cell turnkey solutions for the electric mobility and stationary power markets in North America and Europe, focusing on proton exchange membrane (“PEM”) fuel cell and fuel processing technologies, fuel cell-battery hybrid technologies, and elated hydrogen storage and dispensing infrastructure.
The Allegations
According to the complaint, during the class period, defendants failed to disclose that: (i) Plug overstated its ability and/or efforts to mitigate the negative impacts that, inter alia, supply chain constraints and material shortages could have or were having on the Company’s hydrogen business, as well as the sufficiency of its cash and capital to fund its operations; (ii) Plug continued to experience delays related to its green hydrogen production facility build-out plans, as well as in securing external funding sources to finance its growth plans; (iii) Plug downplayed the true scope and severity of all the foregoing when these issues were eventually revealed; and (iv) as a result of all the foregoing, Plug also overstated the near-term prospects of its hydrogen production operations, as well as the viability of expanding those operations. When the truth was revealed, the price of Plug’s stock fell, harming investors.
What Now: You may be eligible to participate in the class action against Plug Power Inc. Shareholders who want to serve as lead plaintiff for the class must file their papers with the court by May 21, 2024. A lead plaintiff is a representative party who acts 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. If you choose to take no action, you can remain an absent class member.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
