Plug Power, Inc.
Case Overview
Lead Plaintiff Deadline is TODAY
Lead Plaintiff Deadline: | Lead Plaintiff Deadline: 05/21/2024 |
Status: | Status: Investigating |
Company Name: | Company Name: Plug Power, Inc. |
Court: | Court: Northern District of New York |
Case Number: | Case Number: 1:24cv00406 |
Class Period: | Class Period: 05/09/2023 - 01/16/2024 |
Ticker: | Ticker: PLUG |
Related Attorneys: | Lead Attorneys: Thomas W. Elrod |
Related Practices: | Related Practices: Securities |
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of New York on behalf of those who acquired Plug Power, Inc. (“Plug” or the “Company”) (NASDAQ: PLUG) securities during the period of May 9, 2023 through January 16, 2024, inclusive (“the Class Period”). Investors have until May 21, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On November 9, 2023, Plug announced its third quarter 2023 results. It announced third quarter GAAP earnings-per-share of -$0.47, missing consensus estimates by $0.16, and third quarter revenue of $198.71 million, missing consensus estimates by $23.02 million. In discussing these results, Plug disclosed that its "2023 overall financial performance has been negatively impacted by unprecedented supply challenges in the hydrogen network in North America", including, inter alia, "severe hydrogen shortages", prompting multiple analyst downgrades. On this news, the price of Plug shares declines by $2.40 per share, or approximately 40.47%, to close at $3.53 per share on November 10, 2023.
On December 6, 2023, Morgan Stanley downgraded Plug's stock from an "Equal Weight" to an "Underweight" rating, as well as slashed its price target on the stock from $3.50 to $3.00, citing liquidity concerns and worsening hydrogen economics. On this news, the price of Plug shares declined by $0.25 per share, or approximately 5.9%, to close at $3.99 per share on December 6, 2023.
On January 17, 2024, Seeking Alpha reported that "Morgan Stanley analyst Andrew Percoco maintained his Underweight rating and $3 price target." On this news, the price of Plug shares declined by $0.30 per share, or approximately 9.87%, to close at $2.74 per share on January 17, 2024.
The lawsuit alleges that: (1) Plug overstated its ability and/or efforts to mitigate the negative impacts that supply chain constraints and material shortages could have 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, the Company's public statements were materially false and misleading at all relevant times.
On November 9, 2023, Plug announced its third quarter 2023 results. It announced third quarter GAAP earnings-per-share of -$0.47, missing consensus estimates by $0.16, and third quarter revenue of $198.71 million, missing consensus estimates by $23.02 million. In discussing these results, Plug disclosed that its "2023 overall financial performance has been negatively impacted by unprecedented supply challenges in the hydrogen network in North America", including, inter alia, "severe hydrogen shortages", prompting multiple analyst downgrades. On this news, the price of Plug shares declines by $2.40 per share, or approximately 40.47%, to close at $3.53 per share on November 10, 2023.
On December 6, 2023, Morgan Stanley downgraded Plug's stock from an "Equal Weight" to an "Underweight" rating, as well as slashed its price target on the stock from $3.50 to $3.00, citing liquidity concerns and worsening hydrogen economics. On this news, the price of Plug shares declined by $0.25 per share, or approximately 5.9%, to close at $3.99 per share on December 6, 2023.
On January 17, 2024, Seeking Alpha reported that "Morgan Stanley analyst Andrew Percoco maintained his Underweight rating and $3 price target." On this news, the price of Plug shares declined by $0.30 per share, or approximately 9.87%, to close at $2.74 per share on January 17, 2024.
The lawsuit alleges that: (1) Plug overstated its ability and/or efforts to mitigate the negative impacts that supply chain constraints and material shortages could have 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, the Company's public statements were materially false and misleading at all relevant times.