Plug Power under investigation

A class action lawsuit alleges false and misleading statements to investors and insider trading

A consolidated class action securities lawsuit has been launched against US green hydrogen technology firm Plug Power, as well as CEO Andrew Marsh and CFO Paul Middleton. The lawsuit alleges false and misleading statements to investors, as well as insider trading. Plug Power is alleged to have carried out “a long-running scheme to misclassify the cost of liquid hydrogen delivered to customers” in an effort to inflate the company’s perceived profitability, according to law firm Schubert Jonckheer & Kolbe. Although Plug Power had restated prior-period financial statements from 2018-20 to address the misclassification, in addition to disclosing a material weakness in internal controls and i