SAN DIEGO, March 6, 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.
If you have information that could assist in this investigation, including past employees and others, or if you are an 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.
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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.
Johnson Fistel, LLP
Jim Baker, 619-814-4471
SOURCE Johnson Fistel, LLP