SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Plug Power Inc. - PLUG
NEW YORK, May 19, 2023 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Plug Power Inc. ("Plug" or the "Company") (NASDAQ: PLUG). Such investors are advised to contact Robert S. Willoughby at [email protected] 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 warned that full-year revenue could be 5% to 10% lower than previously projected. The Company attributed the revenue revision to "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 per share, or more than 6%, to close at $18.03 per share on October 14, 2022.
Three weeks later, on November 8, 2022, Plug reported its financial results for the third quarter of 2022, reporting a decrease in gross margins and a further increase in inventory levels.
On this news, Plug's stock price fell $0.20 per share, or more than 1%, to close at $14.61 per share on November 9, 2022.
On January 25, 2023, despite previously assuring investors that revenue growth would be at least 60% on a year-over-year basis, Plug revealed that it now expected to generate year-over-year revenue growth of just 45% to 50% in 2022. The Company explained that this disappointing result "had to do with the fact that the new products came out a little slower than we hoped," as Plug's "[m]anufacturing had a few more issues than we hoped" and "added . . . complexity to supply chain."
On this news, Plug's stock price fell $0.97 per share, or approximately 6%, to close at $15.37 per share on January 26, 2023.
Finally, on March 1, 2023, Plug announced its financial results for the fourth quarter and full year 2022, including full-year revenue growth of just 40% on a year-over-year basis—missing even the reduced guidance range provided just a few weeks prior.
On this news, Plug's stock price fell $0.88 per share, or more than 6%, to close at $13.33 per share on March 2, 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 S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
SOURCE Pomerantz LLP
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