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Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Plug Power Inc. (PLUG)

Shareholders with losses of $25,000 or more are encouraged to contact the firm

LOS ANGELES, May 19, 2023 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming June 12, 2023 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Plug Power Inc. (“Plug” or the “Company”) (NASDAQ: PLUG) common stock between August 9, 2022 and March 1, 2023, inclusive (the “Class Period”).

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 shareholders@glancylaw.com 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.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company was unable to effectively manage its supply chain and product manufacturing, resulting in reduced revenues and margins, increased inventory levels, and several large deals being delayed until at least 2023, among other issues; and (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired Plug common stock during the Class Period, you may move the Court no later than June 12, 2023 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com


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