PHILADELPHIA, PA / ACCESSWIRE / April 17, 2021 / Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against Plug Power Inc. ("Plug Power" or the "Company") (NASDAQ:PLUG) on behalf of investors who purchased shares of the Company's stock between November 9, 2020 and March 1, 2021, inclusive (the "Class Period").
Plug Power investors who suffered an investment loss in excess of $100,000 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 - 1585, or by email at firstname.lastname@example.org or online at https://kaskelalaw.com/case/renewable-energy-group-inc/, for additional information about this action and their legal rights and options.
According to the complaint, on March 2, 2021, Plug Power filed a Notification of Late Filing with the SEC disclosing that it could not timely file its annual report for the period ended December 31, 2020 because the Company was completing a "review and assessment of the treatment of certain costs with regards to classification between Research and Development versus Costs of Goods Sold, the recoverability of right of use assets associated with certain leases, and certain internal controls over these and other areas." The Company also disclosed that "[i]t is possible that one or more of these items may result in charges or adjustments to current and/or prior period financial statements." Following this news, shares of the Company's stock fell $13.26 per share, or over 25% in value, over the following trading days to close at $39.30 on March 5, 2021.
Subsequently, on March 16, 2021, Plug Power further disclosed that it "will restate its previously issued financial statements for fiscal years 2018 and 2019 and its quarterly filings for 2019 and 2020."
IMPORTANT DEADLINE: Investors who purchased Plug Power's securities during the Class Period may, no later than May 7, 2021, seek to be appointed as a lead plaintiff representative in the action. Plug Power investors who suffered an investment loss in excess of $100,000 are encouraged to contact Kaskela Law LLC to discuss this opportunity to actively participate in the action.
Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.
SOURCE: Kaskela Law LLC
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