The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) is currently investigating potential violations of the federal securities laws on behalf of investors of Plug Power Inc. (NASDAQ: PLUG) (“Plug” or the “Company”).
On October 14, 2022, Plug issued a press release announcing 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.” On this news, the price of Plug stock fell $1.20 per share, or more than 6%, from a close of $19.23 per share on October 13, 2022, to close at $18.03 per share on October 14, 2022.
Then, after the market had closed on January 25, 2023, Plug 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.” On this news, the price of Plug stock fell $0.97 per share, from a close of $16.34 per share on January 25, 2023, to close at $15.37 per share on January 26, 2023.
If you are a Plug investor and would like to learn more about our investigation, please CLICK HERE to fill out our online form or contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or E-mail at firstname.lastname@example.org. You can also click on the following link or paste it in your browser: https://www.ktmc.com/plug-power-inc-investigation?utm_source=PR&utm_medium=link&utm_campaign=rcm&mktm=r
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). For more information about Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.
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Kessler Topaz Meltzer & Check, LLP
Jonathan Naji, Esq.
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Radnor, PA 19087