Law Offices of Howard G. Smith reminds investors of the upcoming May 21, 2024 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Plug Power Inc. (“Plug” or the “Company”) (NASDAQ: PLUG) securities between May 9, 2023 and January 16, 2024, inclusive (the “Class Period”).
Investors suffering losses on their Plug investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com.
On November 9, 2023, Plug released its third quarter 2023 financial results, reporting GAAP earnings-per-share (“EPS”) of -$0.47, missing consensus estimates by $0.16, and revenue of $198.71 million, missing consensus estimates by $23.02 million. The Company blamed its poor performance on “unprecedented supply challenges in the hydrogen network in North America.”
On this news, Plug’s stock price fell $2.40, or 40.5%, to close at $3.53 per share on November 10, 2023, thereby injuring investors.
Then, on January 17, 2024, Seeking Alpha reported that analysts expected “further delays at Plug’s green hydrogen production facility” and “an increasing probability that Plug will need to raise $1B-$1.5B of equity and equity-like capital to fund its highly capital intensive business to provide itself runway to improve its margin and cash flow profile, which is not fully baked into the current share price.”
On this news, Plug’s stock price fell $0.30, or 9.9%, to close at $2.74 per share on January 17, 2024, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, 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 failed to disclose to investors that: (1) Plug overstated its ability and/or efforts to mitigate the negative impacts that, inter alia, supply chain constraints and material shortages could have or were having on the Company’s hydrogen business, as well as the sufficiency of its cash and capital to fund its operations; (2) Plug 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) Plug downplayed the true scope and severity of all the foregoing when these issues were eventually revealed; (4) as a result of all the foregoing, Plug also overstated the near-term prospects of its hydrogen production operations, as well as the viability of expanding those operations; and (5) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired Plug securities during the Class Period, you may move the Court no later than May 21, 2024 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240409603068/en/
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
