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Plug Power, Execs Beat Investor Suit Over Expense Classification

Sept. 30, 2022, 7:22 PM

Fuel cell technology developer Plug Power Inc. and two of its officers defeated investor allegations of securities fraud when a Manhattan federal judge said the investors failed to show how the defendants’ motives went beyond the standard goals typical of corporate officers.

The defendants’ alleged desire to raise capital in secondary public offerings and to attract a partnership with a South Korean company isn’t sufficient to show the mental state necessary to hold them liable under securities laws, Judge Edgardo Ramos of the US District Court for the Southern District of New York held Thursday. These alleged motives “suggest nothing ...