Plug Power Restating Financial Results, Did You Lose Money on Your Investment? Contact Johnson Fistel Regarding Investigation

SAN DIEGO, March 17, 2021 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP is investigating potential violations of the federal securities laws by Plug Power Inc. ("Plug Power" or the "Company") (NASDAQ: PLUG).

On February 25, 2021, Plug Power announced its fourth quarter and full-year 2020 financial results. For the quarter, Plug Power reported GAAP earnings per share of -$1.12, missing estimates by $1.01, and revenue of -$0.32 million, missing estimates by $85.31 million. The Company acknowledged that its "[r]evenue and results were negatively impacted by certain costs of $456M recorded in Q4, the majority being non-cash charges related to the accelerated vesting of a customer's remaining warrants."

Following this news, Plug Power's stock price fell 13.6% on February 25, 2021.

Then on March 2, 2021, Plug Power filed a Notification of Late Filing with the SEC. The notification stated that it could not timely file its annual report for the period ended December 31, 2020, as 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 stated 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, the Company's stock price fell 7% on March 2, 2021.

Then on March 16, 2021, Plug Power issued a press release stating that its financial statements for the fiscal years 2018 and 2019 and for the quarterly periods of fiscal 2019 and 2020 should no longer be relied upon. The Company made known that the financial statements for these periods would be restated to increase the loss accrual relating to specific service contracts; to reduce the carrying amount of certain right of use assets; to reclassify certain costs, and to recognize impairment charges related to certain long-lived assets. As a result, Plug stated that it would report a material weakness in its internal control over financial reporting in its fiscal 2020 annual report.

Following this news, the Company's stock price fell over 17% in pre-market trading on March 17, 2021.

If you have information that could assist in this investigation, including past employees and others, or if you are a Plug Power shareholder and are interested in learning more about the investigation, please contact lead analyst Jim Baker ([email protected]) by email or phone at 619-814-4471. If emailing, please include a phone number.

Shareholders with $400,000 losses or more are encouraged to contact the firm [click here to join this action]. There is no cost or obligation to you.

About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.

Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
[email protected]

Shareholders with $400,000 losses or more are encouraged to contact the firm [click here to join this action]. There is no cost or obligation to you.

SOURCE Johnson Fistel, LLP

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