New York, New York--(Newsfile Corp. - February 2, 2023) - Pomerantz LLP is investigating claims on behalf of investors of Plug Power, Inc. ("Plug" or the "Company") PLUG. Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.

The investigation concerns whether Plug and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

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On October 14, 2022, Plug issued a press release announcing that the Company expected that its full-year 2022 revenue could be 5% to 10% lower than its prior guidance of between $900 million and $925 million. According to Plug, the "revenue impact reflects 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 fell $1.20 per share, or more than 6%, to close at $18.03 per share on October 14, 2022.

Then, on January 25, 2023, Plug held its annual business update conference call and announced that it now expected 2022 year-over-year revenue growth of just 45% to 50%, short of initial expectations of greater than 80% year-over-year revenue growth. Plug again explained that the "revenue impact reflects some larger projects being completed in 2023 instead of 2022 due to customer timing and broader supply chain issues."

On this news, Plug's stock price fell $0.97 per share, or 5.94%, to close at $15.37 per share on January 26, 2023.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

CONTACT:
Robert Willoughby
Pomerantz LLP
212-661-1100 ext. 9980
rswilloughby@pomlaw.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/153497