Skip to Content

Plug Power Inc.

Company NamePlug Power Inc.
Stock SymbolPLUG
Class PeriodAugust 09, 2022 to March 01, 2023
Lead Plaintiff Motion DeadlineJune 12, 2023

On October 14, 2022, Plug disclosed that its full-year revenue could be as much as 10% lower than previously expected because of “some larger projects potentially being completed in 2023 instead of 2022 due to timing and broader supply chain issues.” On this news, Plug’s stock price fell $1.20, or 6.2%, to close at $18.03 per share on October 14, 2022, thereby injuring investors.

Then, on November 8, 2022, Plug released its third quarter 2022 financial results, reporting a decrease in gross margins and a further increase in inventory levels. On this news, Plug’s stock price fell $0.20, or 1.4%, to close at $14.61 per share on November 9, 2022.

 

On January 25, 2023, Plug announced that it expected to generate year-over-year revenue growth of just 45% to 50% in 2022, despite previous claims that revenue growth would be at least 60%. The Company explained that new products had come out “a little slower” than it hoped, while the Company’s manufacturing had “a few more issues” that it hoped, which added “complexity to the supply chain.” On this news, Plug’s stock price fell $0.97, or 5.9%, to close at $15.37 per share on January 26, 2023.

 

Then, on March 1, 2023, after market hours, Plug released its fourth quarter and full year 2022 financial results, revealing full-year revenue growth of only 40% on a year-over-year basis. On this news, Plug’s stock price fell $0.88, or 6.2%, to close at $13.33 per share on March 2, 2023, 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) the Company was unable to effectively manage its supply chain and product manufacturing, resulting in reduced revenues and margins, increased inventory levels, and several large deals being delayed until at least 2023, among other issues; and (2) 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.

Submit Your Information

If you suffered a loss on your Plug Power Inc. investments or would like to inquire about joining an action to recover your loss under the federal securities laws, please complete the form below. Please note that submission of this form does not by itself form an attorney-client relationship nor does filing out this form mean you have joined any lawsuit.

Shares Purchased

Number of SharesBuy DatePrice Per ShareAdd

Shares Sold

Number of SharesSell DatePrice Per ShareAdd