LAWSUIT FILED: Plug Power Inc. Sued for Violations of the Federal Securities Laws; Company Has Announced The Need To Restate Its Financial Results; Investors Who Lost Money Should Contact Block & Leviton LLP

March 16, 2021 7:48 PM EDT | Source: Block & Leviton LLP

Boston, Massachusetts--(Newsfile Corp. - March 16, 2021) - Block & Leviton LLP (www.blockleviton.com), a national securities litigation firm, reminds investors that a lawsuit for violations of the federal securities laws has been filed against Plug Power Inc. (NASDAQ: PLUG) and certain of its executives. The company has now acknowledged that its financial results beginning with fiscal year 2018 were incorrect and need to be restated. Investors in Plug Power who have lost money should contact Block & Leviton.

On March 16, 2021, Plug Power announced that it will restate its previously issued financial statements for fiscal years 2018 and 2019 and its quarterly filings for 2019 and 2020 due to errors in accounting and in particular how non-cash items were being calculated. On this news, PLUG shares fell 10% in extended market trading. On March 2, 2021, the Company announced that it would not be able to timely file its annual report for the year ended December 31, 2020 because it was completing a "review and assessment of certain costs with regards to classification between Research and Development versus Costs of Goods Sold, the recoverability of right of use assets associated with certain leases, and certain internal controls over those and other areas." Plug Power further stated that it "is possible that one or more of these items may result in charges or adjustments to current and/or prior period financial statements." The market was stunned by this development, with shares falling 7% on March 2, 2021, and continuing to fall approximately 19.4% over three consecutive trading sessions to close at just $39.30 per share on March 5, 2021.

A lawsuit has been filed against Plug Power and two of its executives in the U.S. District Court for the Southern District of New York. The lawsuit is captioned Beverly v. Plug Power Inc., et al., No. 1:21-cv-02004 (S.D.N.Y.). If you purchased or acquired shares of Plug Power, you are strongly encouraged to contact Block & Leviton attorneys at (617) 398-5600, via email at cases@blockleviton.com, or visit our website for information on the case. The deadline to move the Court to be appointed lead plaintiff is May 7, 2021. A class has not yet been certified, and until a certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country's financial markets. The firm represents many of the nation's largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm's lawyers have recovered billions of dollars for its clients.

This notice may constitute attorney advertising.

CONTACT:

BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (617) 398-5600
Email: cases@blockleviton.com

SOURCE: Block & Leviton LLP

www.blockleviton.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/77532

info