Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Plug Power Inc. (“Plug” or the “Company”) (NASDAQ: PLUG) investors concerning the Company’s possible violations of the federal securities laws.
If you suffered a loss on your Plug investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Plug-Power-Inc-1/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at firstname.lastname@example.org to learn more about your rights.
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.
Whistleblower Notice: Persons with non-public information regarding Plug should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the 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, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email email@example.com.
Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.
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