RADNOR, Pa., May 20, 2023 /PRNewswire/ — The law firm of Kessler Topaz Meltzer & Check, LLP informs investors that the firm has filed a securities class action lawsuit against Plug Power Inc. (“Plug”) on behalf of investors who purchased or acquired Plug ((PLUG) common stock between August 9, 2022 and March 1, 2023, inclusive (the “Class Period”). This action, captioned Melton v. Plug Power Inc., et al., Case No. 1:23-cv-00409-UNA, was filed in the United States District Court for the District of Delaware.
Important Deadline Reminder: Investors who purchased or otherwise acquired Plug common stock during the Class Period may, no later than June 12, 2023, move the Court to serve as lead plaintiff for the class.
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LEAD PLAINTIFF DEADLINE: JUNE 12, 2023
CLASS PERIOD: AUGUST 9, 2022 THROUGH MARCH 1, 2023
CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
Jonathan Naji, Esq. (484) 270-1453 or Toll Free (844) 887-9500 or Email at [email protected]
On August 9, 2022, Plug announced its financial results for the second quarter of 2022, assuring investors that the company had a “Strong Business Outlook” and touting a $15 billion sales funnel. Defendants also emphasized that Plug’s supply chain was strong—with its Chief Executive Officer stating that he did “not foresee supply chain issues this year”—and that Plug’s rapidly growing inventory was simply attributable to the substantial growth Plug would experience in the second half of 2022. Consistent with these representations, Defendants projected that Plug would generate 2022 revenue between $900 million and $925 million, representing approximately 80% year-over-year growth.
Just a few months later, however, on October 14, 2022, investors began to…