Law Offices of Howard G. Smith announces an investigation on behalf of Plug Power Inc. (“Plug” or the “Company”) (NASDAQ: PLUG) investors concerning the Company’s possible violations of federal securities laws.
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.
If you purchased Plug securities, have information or would like to learn more about these claims, or 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 email@example.com, or visit our website at www.howardsmithlaw.com.
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