Bloomberg Law
May 26, 2023, 8:49 PM

Plug Power Accused of Inflating Stock With Positive Supply News

Ufonobong Umanah
Ufonobong Umanah

Plug Power Inc. misled the public about its financial health, according to a proposed class action lawsuit.

The fuel-cell maker presented a rosy picture of its supply chain in August and promised significant growth, even though several deals had been delayed until at least 2023, shareholder Shafquat Buttar told the US District Court of the District of Delaware on Thursday.

Plug Power in January said that “new products came out a little slower than we hoped” after manufacturing issues complicated the supply chain. In March, the company reported full-year revenue growth of 40% year-over-year, missing a guidance range that was ...

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