Plug Power Inc.

Investigation
03/08/2021

Initial Lawsuit
03/08/2021

Lawsuit Progression
07/22/2021

Investigation

Continous Holding
November 9, 2020 to March 1, 2021
Proposed Claim
Securities Violation

Investigation regarding Plug Power’s review and assessment of the treatment of certain costs’ classification (Research and Development v. Costs of Goods Sold), the recoverability of right of use assets associated with certain leases, and internal controls.

Main Event

Additional Time Required to Complete Assessment of Effectiveness of Internal Controls

03/02/2021

SEC Filing

Plug Power discloses its inability to file its annual report on Form 10-K for the fiscal year ended December 31, 2020 on time:

“The Company is working diligently to complete the necessary work, including 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. 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 Company is still evaluating whether any such charges or adjustments would be required and, if required, whether any such charges or adjustments would be material; but any charges, if required, would be non-cash in nature and any such adjustments or charges would not impact the Company’s guidance on forward projections.”

The stock impact compares the closing price immediately preceding the date of the event and the following closing price. The price difference also reflects the overall mix of information.

Stock Impact

Close	Previous close	Price variation	Percentage variation
$48.78	$52.46	$-3.68	-7.01%

See more on Factual Timeline

Initial Lawsuit

This is a class action on behalf of persons and entities that purchased or otherwise acquired Plug securities between November 9, 2020 and March 1, 2021, inclusive.

Filing Date
03/08/2021
Class Period
11/09/2020 to 03/01/2021
Transgression
Securities Violation
Filing Firms
Law Offices of Howard G. Smith
Case Title
Beverly v. Plug Power Inc.
Docket Number
1:21-cv-02004
Court
New York Southern District Court
Free File
Complaint

Allegations

According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors:

(1) that the Company would be unable to timely file its 2020 annual report due to delays related to the reviewof classification of certain costs and the recoverability of the right to use assets with certain leases;
(2) that the Company was reasonably likely to report material weaknesses in its internal controlover financial reporting;
(3) that, as a result of the foregoing, Defendants’ positive statementsabout the Company’s business, operations, and prospects were materially misleading and/or lackeda reasonable basis.

Defendants

Company
Plug Power Inc.
Chief Executive Officer
Andrew Marsh (“Marsh”)
Chief Financial Officer
Paul B. Middleton (“Middleton”)

Lawsuit progression

Docket Number
1:21-cv-02004
Court
New York Southern District Court

Lead Counsel

07/22/2021

The court issued an order appointing the lead plaintiff and lead counsel.

Lead Counsel
Bernstein Liebhard LLP
Lead Plaintiff
Individual
Free File
Order for lead

Amended Complaint

10/06/2021

This securities fraud class action is on behalf of a class of all persons who purchased Plug Power Inc. common stock on the open market of a U.S. stock exchange between November 9, 2020 and March 16, 2021, inclusive.