An investigation for investors in Plug Power Inc. (NASDAQ: PLUG) shares over potential securities laws violations by Plug Power Inc. was announced.
San Diego, CA -- (SBWIRE) -- 02/15/2023 -- Plug Power Inc. is under investigation over potential securities laws violations in connection with certain financial statements.
Investors who purchased shares of Plug Power Inc. (NASDAQ: PLUG), have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether a series of statements by Plug Power Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Latham, NY based Plug Power Inc. delivers end-to-end clean hydrogen and zero-emissions fuel cell solutions for supply chain and logistics applications, on-road electric vehicles, stationary power market, and others in North America and internationally.
On October 14, 2022, Plug Power Inc. announced that the Company now expected that its full-year 2022 revenue could be 5% to 10% lower than its prior guidance of between $900 million and $925 million. According to the Company, the "revenue impact reflects some larger projects potentially being completed in 2023 instead of 2022 due to timing and broader supply chain issues."
Then, after the market had closed on January 25, 2023, Plug Power Inc. held its annual business update conference call and announced that it now expected 2022 year-over-year revenue growth of just 45% to 50%, short of initial expectations of greater than 80% year-over-year revenue growth. Plug again explained that the "revenue impact reflects some larger projects being completed in 2023 instead of 2022 due to customer timing and broader supply chain issues."
Shares of Plug Power Inc. (NASDAQ: PLUG) declined to $14.82 per share on February 14, 2023.
Those who purchased shares of Plug Power Inc. (NASDAQ: PLUG) have certain options and should contact the Shareholders Foundation.
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