Why Plug Power's Stock Might Be Moving Lower Today

Why Plug Power's Stock Might Be Moving Lower Today

Plug Power Inc PLUG is trading lower Tuesday, possibly in connection to the upcoming class-action lawsuit deadline on May 7.

What Happened: Numerous law firms joined in filing class-action lawsuit complaints on behalf of shareholders against Plug Power. After the market closed on Monday, Kessler Topaz Meltzer & Check, LLP and the Klein Law Firm reminded investors that they have until May 7 to petition the court for lead plaintiff status.

The lawsuit filed against Plug Power by the Klein Law Firm alleges that:

"[T]he company would be unable to timely file its 2020 annual report due to delays related to the review of classification of certain costs and the recoverability of the right to use assets with certain leases. The company was reasonably likely to report material weaknesses in its internal control over financial reporting and as a result of the foregoing, defendants’ positive statements about the company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis."

The lawsuit was filed on behalf of shareholders who purchased shares between Nov. 9, 2020, and Mar. 1, 2021.

Price Action: Plug Power traded as high as $75.49 and as low as $3.79 over a 52-week period. The stock was down 6.95% at $24.78 at last check Tuesday. 

See also: How to Buy Plug Power (PLUG) Stock

Photo courtesy of Plug Power.

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