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PLUG.US
id: 1168

Plug Power (PLUG) Supply Chain Issues And Material Shortages Case

N.D. New York
Court
1:24-cv-00406
Case number
09 May 2023
Class period Start
16 Jan 2024
Class period End
21 May 2024
Lead Plaintiff motion deadline
  • $PLUG stockholder filed a claim vs. Plug Power for overstating their ability to handle supply chain issues and material shortages.
  • On November 10, 2023, news of the disappointing financial results caused $PLUG to fall 40%, losing $1.6B+ in shareholder value.
On November 9, 2023, Plug reported disappointing Q3 2023 financial results.
  • Their earnings-per-share were lower than expected.
  • Additionally, their revenue was missing the expected amount by $23M.
Plug blamed hydrogen supply challenges in North America for its poor financial performance, leading to analyst downgrades.

On this news, $PLUG plummeted by 40% on November 10, 2023.

Despite these issues, Plug repeatedly reassured investors that the company was set for long-term growth and profitability.
  • They claimed construction of its green hydrogen production plants was on track and the company had funding opportunities lined up.
  • Additionally, they said Plug had a diversification strategy to counter any supply chain issues.
Based on these events, $PLUG stockholder filed a claim against Plug Power and its leaders, accusing them of the following:
  • Plug overstated its ability to counter supply chain issues and material shortages.
  • The company faced delays in its green hydrogen production facility build-out plans and securing external funding.
Considering all the representations, investors have reasons to suspect that Plug Power overstated its ability to handle supply chain issues and downplayed problems when revealed.
Case Status
Lead Plaintiff Appointed
Alleged Offence
Mismanagement
Misleading Statements
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
10 November 2023
Filing date
22 March 2024
Lead Plaintiff Deadline
21 May 2024
Judge
Hon. Mae A. D'Agostino
Collecting participants…

Plug Power Inc

Plug Power Inc. develops hydrogen and fuel cell product solutions in North America, Europe, Asia, and internationally. The company offers GenDrive, a hydrogen-fueled proton exchange membrane (PEM) ...

    Ticker
    PLUG.US
    ISIN
    US72919P2020
    CIK
    1093691
    Sector
    Industrials
    Industry
    Electrical Equipment & Parts
    Country
    USA
    Address
    968 Albany Shaker Road, Latham, NY, United States, 12110