{"id":459297,"date":"2021-03-16T21:28:17","date_gmt":"2021-03-17T01:28:17","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=459297"},"modified":"2021-03-16T21:28:17","modified_gmt":"2021-03-17T01:28:17","slug":"the-law-offices-of-frank-r-cruz-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-plug-power-inc-plug","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-plug-power-inc-plug\/","title":{"rendered":"The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Plug Power Inc. (PLUG)"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Plug Power Inc. (PLUG)<\/b><\/p>\n<p class=\"bwalignc\"><b><i>Shareholders with $100,000 losses or more are encouraged to contact the firm<\/i><\/b><\/p>\n<p>LOS ANGELES&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.frankcruzlaw.com%2F&amp;esheet=52397239&amp;newsitemid=20210316006129&amp;lan=en-US&amp;anchor=The+Law+Offices+of+Frank+R.+Cruz&amp;index=1&amp;md5=9ab55c96f750518ac29d824c142fa3aa\">The Law Offices of Frank R. Cruz<\/a> reminds investors of the upcoming <b>May 7, 2021 <\/b>deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Plug Power Inc. (\u201cPlug\u201d or the \u201cCompany\u201d) (NASDAQ: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Ffinance.yahoo.com%2Fquote%2FPLUG&amp;esheet=52397239&amp;newsitemid=20210316006129&amp;lan=en-US&amp;anchor=PLUG&amp;index=2&amp;md5=d51db2e328e522c1160794073a1e0a93\">PLUG<\/a>) securities between <b>November 9, 2020 and March 1, 2021<\/b>, inclusive (the \u201cClass Period\u201d).\n<\/p>\n<p>\nIf you are a shareholder who suffered a loss, click <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.frankcruzlaw.com%2Fcases%2Fplug-inc%2F&amp;esheet=52397239&amp;newsitemid=20210316006129&amp;lan=en-US&amp;anchor=here&amp;index=3&amp;md5=a7d909201b23f6a6d737ad3507aa3bb5\">here<\/a> to participate.\n<\/p>\n<p>\nOn March 2, 2021, before the market opened, Plug filed a Notification of Late Filing with the SEC stating that it could not timely file its annual report for the period ended December 31, 2020 because the Company was completing a \u201creview 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.\u201d The Company stated that \u201c[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.\u201d\n<\/p>\n<p>\nOn this news, the Company\u2019s stock price fell $3.68, or 7%, to close at $48.78 per share on March 2, 2021, on unusually heavy trading volume. The share price continued to decline by $9.48, or 19.4%, over three consecutive trading sessions to close at $39.30 per share on March 5, 2021, on unusually heavy trading volume.\n<\/p>\n<p>\nThen, on March 16, 2021, after the market closed, Plug issued a press release revealing that its financial statements for the fiscal years 2018 and 2019 and for the quarterly periods of fiscal 2019 and 2020 should no longer be relied upon. The Company stated that the financial statements for these periods would be restated to increase the loss accrual relating to certain service contracts; to reduce the carrying amount of certain right of use assets; to reclassify certain costs; and to recognize impairment charges related to certain long-lived assets. As a result, Plug stated that it would report a material weakness in its internal control over financial reporting in its fiscal 2020 annual report.\n<\/p>\n<p>\nOn this news, the Company\u2019s stock price fell as much as 12% during afterhours trading on March 16, 2021, injuring investors further.\n<\/p>\n<p>\nThe complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and\/or misleading statements, as well as failed to disclose material adverse facts about the Company\u2019s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the 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; (2) that the Company was reasonably likely to report material weaknesses in its internal control over financial reporting; and (3) that, as a result of the foregoing, Defendants\u2019 positive statements about the Company\u2019s business, operations, and prospects were materially misleading and\/or lacked a reasonable basis.\n<\/p>\n<p>\nFollow us for updates on Twitter: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Ftwitter.com%2FFRC_LAW&amp;esheet=52397239&amp;newsitemid=20210316006129&amp;lan=en-US&amp;anchor=twitter.com%2FFRC_LAW&amp;index=4&amp;md5=d08283ef756a86d637d3134b13a5a184\">twitter.com\/FRC_LAW<\/a>.\n<\/p>\n<p>\nIf you purchased or otherwise acquired Plug securities during the Class Period, you may move the Court no later than <b>May 7, 2021 <\/b>to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to <a rel=\"nofollow\" href=\"mailto:info@frankcruzlaw.com\">info@frankcruzlaw.com<\/a>, or visit our website at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.frankcruzlaw.com&amp;esheet=52397239&amp;newsitemid=20210316006129&amp;lan=en-US&amp;anchor=www.frankcruzlaw.com&amp;index=5&amp;md5=4c2d7d9cdf89625eace4b643e411ebee\">www.frankcruzlaw.com<\/a>. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.\n<\/p>\n<p>\nThis press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210316006129r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20210316006129\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210316006129\/en\/<\/a><\/span><\/p>\n<p>\nThe Law Offices of Frank R. Cruz, Los Angeles<br \/>\n<br \/>Frank R. Cruz, 310-914-5007<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:fcruz@frankcruzlaw.com\">fcruz@frankcruzlaw.com<br \/>\n<\/a><br \/><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.frankcruzlaw.com&amp;esheet=52397239&amp;newsitemid=20210316006129&amp;lan=en-US&amp;anchor=www.frankcruzlaw.com&amp;index=6&amp;md5=e095505b200209ba1e13327b7ffb97f9\">www.frankcruzlaw.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> United States North America California<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Legal Professional Services<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20210316006129\/en\/765953\/3\/Close_Up_Logo_HD_Blue.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Plug Power Inc. (PLUG) Shareholders with $100,000 losses or more are encouraged to contact the firm LOS ANGELES&#8211;(BUSINESS WIRE)&#8211;The Law Offices of Frank R. Cruz reminds investors of the upcoming May 7, 2021 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Plug Power Inc. (\u201cPlug\u201d or the \u201cCompany\u201d) (NASDAQ: PLUG) securities between November 9, 2020 and March 1, 2021, inclusive (the \u201cClass Period\u201d). If you are a shareholder who suffered a loss, click here to participate. On March 2, 2021, before the market opened, Plug filed a Notification of Late Filing with the &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-plug-power-inc-plug\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Plug Power Inc. (PLUG)&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-459297","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Plug Power Inc. (PLUG) - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-plug-power-inc-plug\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Plug Power Inc. (PLUG) - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Plug Power Inc. (PLUG) Shareholders with $100,000 losses or more are encouraged to contact the firm LOS ANGELES&#8211;(BUSINESS WIRE)&#8211;The Law Offices of Frank R. Cruz reminds investors of the upcoming May 7, 2021 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Plug Power Inc. (\u201cPlug\u201d or the \u201cCompany\u201d) (NASDAQ: PLUG) securities between November 9, 2020 and March 1, 2021, inclusive (the \u201cClass Period\u201d). If you are a shareholder who suffered a loss, click here to participate. On March 2, 2021, before the market opened, Plug filed a Notification of Late Filing with the &hellip; Continue reading &quot;The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Plug Power Inc. 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Cruz reminds investors of the upcoming May 7, 2021 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Plug Power Inc. (\u201cPlug\u201d or the \u201cCompany\u201d) (NASDAQ: PLUG) securities between November 9, 2020 and March 1, 2021, inclusive (the \u201cClass Period\u201d). If you are a shareholder who suffered a loss, click here to participate. On March 2, 2021, before the market opened, Plug filed a Notification of Late Filing with the &hellip; Continue reading \"The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Plug Power Inc. (PLUG)\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-plug-power-inc-plug\/","og_site_name":"Market Newsdesk","article_published_time":"2021-03-17T01:28:17+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210316006129r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-plug-power-inc-plug\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-plug-power-inc-plug\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"The Law Offices of Frank R. 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