Faruqi & Faruqi, LLP is investigating claims on behalf of Plug Power investors

NEW YORK, May 10, 2024 /PRNewswire/ — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating and reminds investors of potential claims against Plug Power Inc. (“Plug” or the “Company”) (NASDAQ: PLUG). May 21, 2024 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company.

James (Josh) Wilson, Faruqi and Faruqi, LLP Securities Litigation Partner, encourages investors who have suffered losses that are greater $100,000 In Plug you can contact them directly to discuss your options

If you have suffered losses that go beyond this $100,000 Investing in plug stocks or options in between March 1, 2023 And January 16, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi Partners Josh Wilson direct at 877-247-4292 or 212-983-9330 (ext. 1310). For more information you can also click here: www.faruqilaw.com/PLUG.

Faruqi & Faruqi is a leading national securities law firm with offices in new York, Pennsylvania, California And Georgia. The company has recovered hundreds of millions of dollars for investors since its founding in 1995 www.faruqilaw.com.

The complaint claims that defendants made materially false and misleading statements about the Company’s business, operations, and prospects throughout the Class Period. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Plug overstated its ability and/or efforts to mitigate the negative impacts that, among other things, supply chain constraints and material shortages could have or had on the hydrogen business of the company and sufficient liquidity and capital resources to finance its business activities; (ii) Plug continued to experience delays in its plans to expand its green hydrogen production facility and in securing external sources of financing to fund its growth plans; (iii) Plug downplayed the true scope and seriousness of the foregoing when these issues eventually came to light; (iv) As a result of the foregoing, Plug also overstated the near-term prospects of its hydrogen production operations and the feasibility of expanding those operations; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.

At November 9, 2023Plug announced its third quarter 2023 results, including third quarter GAAP EPS of –$0.47lack of consensus estimates $0.16and sales in the third quarter of $198.71 millionlack of consensus estimates $23.02 million. In discussing these results, Plug disclosed that its “overall financial performance in 2023 was negatively impacted by unprecedented supply challenges in the hydrogen network.” North America“, including, among other things, “severe hydrogen shortages,” which led to multiple analyst downgrades.

On this news, Plug’s stock price fell $2.40 per share or 40.47% to close $3.53 per share November 10, 2023.

At November 16, 2023Citi downgraded Plug stock to “Neutral” from “Buy” and lowered its price target on the stock from $12.50 To $5.00noting, among other things, that Plug’s “sub-par management execution has led the Company to liquidity problems” and Plug will demand accordingly 500 million dollars Cash in the next six months.

On this news, Plug’s stock price fell $0.17 per share or 3.91% to close $4.18 per share November 16, 2023.

At December 6, 2023Morgan Stanley downgraded Plug stock to “Underweight” from “Equal Weight” and lowered its price target on the stock from $3.50 To $3.00citing liquidity concerns and a deteriorating hydrogen economy.

On this news, Plug’s stock price fell $0.25 per share, or 5.9%, to close $3.99 per share December 6, 2023.

At January 11, 2024, Susquehanna downgraded Plug shares from “Positive” to “Neutral” and lowered the price target for the stock $5.50 To $4.00citing “delays related to both the expansion of PLUG’s green hydrogen production facility and securing external sources of financing to fund its growth plans(.)”

On this news, Plug’s stock price fell $0.32 per share or 7.92% to close $3.72 per share January 11, 2024.

At January 16, 2024Plug announced that it would release its annual business update on January 23, 2024.

Then further January 17, 2024Seeking Alpha reported that “the market appears to have reset expectations earlier than (Plug) planned.” January 23rd Business update with CEO Andy Marsh and CFO Paul Middleton.” For example, Seeking Alpha noted that “Morgan Stanley analyst Andrew Percoco maintained its underweight rating and $3 Price target, expected downward movement at Plug’s (PLUG) $2.1 billion fiscal 2024 revenue and 25 percent gross margin guidance announced during its fourth quarter earnings call; that “the analyst expects further delays at Plug’s (PLUG) green hydrogen production facility in 2024.” Georgia be announced, which would increase pressure on the growth and profitability profile of the company’s green hydrogen business model”; and that “Percoco has also indicated an increasing likelihood that Plug (PLUG) will need to be increased.” $1 billion–$1.5 billion of equity and equity-like capital to fund its highly capital-intensive business to enable it to improve its margin and cash flow profile, which has not been fully reflected in the current share price.”

On this news, Plug’s stock price fell $0.30 per share or 9.87% to close $2.74 per share January 17, 2024.

The court-appointed lead plaintiff is the investor with the greatest financial interest in the relief sought by the class, who is appropriate and typical of the class, and who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may request the Court to serve as lead plaintiff through counsel of their choice, or may elect to do nothing and remain an absent class member. Your ability to share in any recovery will not be affected by the decision to serve as lead plaintiff or not.

Faruqi & Faruqi, LLP also encourages anyone with information about Plug’s conduct to contact the company, including whistleblowers, former employees, shareholders and others.

To find out more about the Plug-in power supply Class action lawsuit, go for it www.faruqilaw.com/PLUG or Call Faruqi & Faruqi Partners Josh Wilson direct at 877-247-4292 or 212-983-9330 (ext. 1310).

Lawyer advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar result with respect to future matters. We welcome the opportunity to discuss your individual case. All communications will be treated confidentially.

SOURCE Faruqi & Faruqi, LLP