The Company 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.”
Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of those who acquired Plug Power Inc. (“Plug” or the “Company”) (NASDAQ: PLUG) securities from November 9, 2020 through March 1, 2021, inclusive (the “Class Period”).
If you have incurred losses in the shares of Plug Power Inc., you may, no later than May 7, 2021, request that the Court appoint you lead plaintiff of the proposed class.
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On March 2, 2021, prior to the commencement of the day’s trading, the Company filed a Notification of Late Filing with the U.S. Securities and Exchange Commission (SEC) stating that it could not timely file its annual report for the period ended December 31, 2020 because the Company was completing a “review and assessment of the treatment 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 these and other areas.
On this news, the Company’s stock price fell by $3.68, or approximately 7%, to close at $48.78 per share on March 2, 2021, on unusually heavy trading volume. The share price declined by $9.48, or approximately 19.4%, over the next three consecutive trading sessions to close at $39.30 per share on March 5, 2021.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
By PR Newswire