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05/09/2023 - 01/16/2024


Complaint 03/22/24


[email protected]

The litigation challenges Plug Power’s assurances that its buildout and construction of its green hydrogen production plants was “on track” and that it identified multiple non-dilutive opportunities to continue funding its operations.

The complaint alleges Plug Power made misleading statements and failed to disclose that: (1) Plug overstated its ability and efforts to mitigate the negative impacts that supply chain constraints and material shortages could and were having on its hydrogen business, as well as the sufficiency of its cash and capital to fund its operations; (2) it 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; (3) it downplayed the true scope and severity of all the foregoing as these issues were eventually revealed; and (4) as a result of all of the foregoing, Plug also overstated the near-term prospects of its hydrogen production operations, as well as the viability of expanding those operations.

Investors began to learn the truth on Nov. 9, 2023, when Plug announced dismal Q3 2023 results, blamed supply challenges in the hydrogen network in North America and revealed that its then current liquidity challenges raised substantial doubt about its ability to continue as a going concern. This news sent the price of Plug shares crashing $2.40, or down over 40%, on Nov. 10, 2023, and was followed by a wave of analyst downgrades.

Then, on Jan. 17, 2024, the price of Plug shares plunged again after Seeking Alpha reported that “Morgan Stanley analyst Andrew Percoco maintained his underweight rating and $3 price target” and “forecasts $1.26B of revenue and a negative 8% gross margin in 2024, compared to Wall Street consensus estimates for $1.69B in revenues and positive 4% gross margin.” In addition, the analyst reportedly warned of an increasing probability that Plug would need to raise $1B to $1.5B of equity capital to fund its highly capital-intensive business.


What is the PLUG securities class-action case about?

We are investigating whether Plug may have deceived investors about the sufficiency of its liquidity.


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


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.


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.

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