Hagens Berman Files New Securities Class Action Against Plug Power (PLUG) and Its Senior Executives

New Complaint Extends Alleged Fraudulent Period From Mar. 1, 2023 – Jan. 16, 2024, Inclusive; Lead Plaintiff Filing Deadline Remains May 21, 2024

Hagens Berman announces that the firm has filed a new class action lawsuit against Plug Power Inc. (NASDAQ: PLUG) and certain of its senior executives.

The new complaint extends the alleged fraudulent period in the pending litigation against Plug Power, contending that Plug Power’s stock was artificially inflated by defendants’ alleged fraud from Mar. 1, 2023 through Jan. 16, 2024, inclusive (“Extended Class Period”).

Lead plaintiff motions for the Plug Power class action litigation must still be filed with the Court no later than May 21, 2024. Hagens Berman therefore urges investors who suffered substantial losses on purchases of Plug Power securities during the Extended Class Period and who wish to serve as lead plaintiff of the Plug Power litigation to contact Hagens Berman now.

Extended Alleged Class Period: Mar. 1, 2023 – Jan. 16, 2024
Lead Plaintiff Deadline: May 21, 2024
Website: www.hbsslaw.com/investor-fraud/PLUG
Contact Email: [e-mail] Phone: [phone]

Hagens Berman’s New PLUG Securities Fraud Class Action Alleging Extended Class Period:

The new class action, filed in the United States District Court for the Northern District of New York, and captioned Lee v. Plug Power Inc., et al., Case No. TBD, seeks to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

The new class action is related to pending securities class action litigation against Plug Power in the Northern District of New York, Adote v. Plug Power, Inc., 1:24-CV-406 (MAD/DJS), which alleges a class period of May 9, 2023 through January 16, 2024, inclusive.

The new class action, however, alleges a broader class period, as the new case is brought on behalf of all investors who purchased or otherwise acquired PLUG securities during the Extended Class Period – between Mar. 1, 2023 and Jan. 16, 2024, inclusive.

If you are a shareholder who purchased PLUG shares during the Extended Class Period, you have until May 21, 2024, to ask the Court to appoint you as Lead Plaintiff for the class in the Plug Power litigation. A copy of the Complaint can be obtained here. Click here to discuss your legal rights with Hagens Berman.

CASE ALLEGATIONS: The new Plug Power class action lawsuit alleges that defendants throughout the Extended Class Period made false and/or misleading statements and/or failed to disclose that: (1) Plug overstated its ability and efforts to mitigate the negative impacts that supply chain constraints and material shortages could and were having on its hydrogen business, as well as the sufficiency of its cash and capital to fund its operations; (2) it continued to experience delays related to its green hydrogen production facility build-out plans, as well as in securing external funding sources to finance its growth plans; (3) it downplayed the true scope and severity of all the foregoing as these issues were eventually revealed; and (4) as a result of all of the foregoing, Plug also overstated the near-term prospects of its hydrogen production operations, as well as the viability of expanding those operations.