Plug Power Inc. (PLUG) Securities Fraud Class Action

Class Action Against Plug Power Inc. (NASDAQ: PLUG): The lawsuit challenges Plug Power’s claims that its green hydrogen production plant construction was “on track” and that it had identified non-dilutive funding opportunities. The complaint alleges that Plug Power misled investors by omitting to disclose:

1. Supply Chain Challenges: Plug overstated its ability to mitigate the negative impacts of supply chain constraints and material shortages on its hydrogen business. It also exaggerated the sufficiency of its cash and capital to fund operations.
2. Delays and Funding Issues: The company continued to experience delays in its green hydrogen production facility build-out plans and faced challenges securing external funding sources for growth.

Investors learned the truth on Nov. 9, 2023, when Plug announced dismal Q3 2023 results. The company blamed supply challenges in the North American hydrogen network and revealed liquidity problems that raised doubts about its ability to continue as a going concern. This news caused Plug shares to plummet by over 40% on Nov. 10, 2023. Subsequently, analyst downgrades followed. On Jan. 17, 2024, Plug’s shares dropped again after Seeking Alpha reported that Morgan Stanley analyst Andrew Percoco maintained an underweight rating and a $3 price target. The analyst also reportedly warned of the increasing likelihood that Plug would need to raise $1 billion to $1.5 billion in equity capital to support its capital-intensive business.

After the Class Period, on May 9, 2024, Plug reported its Q1 2024 financial results, including a sharp increase in net loss and a whopping 43% drop in revenues from the year earlier period. Plug also informed investors that “we’ve implemented a series of restructuring measures aimed at reducing costs and improving efficiencies[]” and “[t]his includes headcount reductions and operational considerations[.]”

FREQUENTLY ASKED QUESTIONS ABOUT THE CASE

What is the PLUG securities class-action case about?

We are investigating whether Plug may have downplayed supply chain and funding hurdles.

WHAT SHOULD I DO?

I worked at PLUG. What should I do?

If you were an employee of PLUG during the period relevant to the class-action case, you may have valuable information that could be relevant to the lawsuit. Hagens Berman is one of the nation’s top whistleblower law firms, and has successfully represented many individuals who come forward with information regarding corporate malfeasance. Under the new SEC Whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, contact Reed Kathrein at 844-916-0895 or [email protected].

There are multiple law firms participating, do I need to contact all of them?

No, you do not need to contact all participating law firms. Generally, class-action lawsuits are consolidated into a single case to streamline the legal process, and attorneys from only a few law firms are selected to serve in a leadership role on the consolidated case. Hagens Berman has a proven track record of being appointed to leadership roles in complex, multidistrict litigation regarding investor fraud and other consumer rights issues, and your claim will be handled by attorneys who have helped secure approximately $325 billion in class-action settlements on behalf of individuals who have suffered due to corporate malfeasance and the wrongdoing of other powerful institutions

AM I ELIGIBLE?

What is the threshold amount to be eligible? What are “substantial” losses?

The threshold amount and the definition of "substantial" losses may vary depending on a number of factors specific to the case, including the size of the company, market cap, shares outstanding and who holds them and the damages alleged by the fraud. In general, to be eligible to participate in a class-action lawsuit, you must be able to demonstrate that you suffered financial losses as a result of the alleged wrongdoing and that your losses meet the criteria set by the court or law firm. Fill out the form and submit your losses.

CAN I PARTICPATE?

Am I affected? What do I need to do to participate?

If you were an investor in PLUG during the relevant period specified in the class-action lawsuit, you may be affected and eligible to participate in the case. To determine your eligibility and potential involvement, fill out the form and submit your losses.

Can any PLUG investor participate?

In most class-action cases, any investor who meets the eligibility criteria, including purchasing the shares during the relevant period, can participate, regardless of the size of their investment. Fill out the form to find out your rights.

I bought on a non-U.S. Exchange. Can I participate?

No. This class-action only covers shares bought on a U.S. exchange, i.e. NASDAQ or NYSE. Fill out the form to find out your rights.

Am I included if I still hold my shares, or do I need to sell to participate?

Participation is based on purchasing shares during the relevant period, rather than your current holdings. Accordingly, you do not need to sell to participate. Fill out the form to find out your rights.