Plug Power Board Sued for Alleged Revenue Scheme, Insider Trades

A Plug Power Inc. investor sued its senior leaders in Delaware, claiming they made insider sales at prices inflated by a scheme to fraudulently overstate the company’s revenues by misclassifying fuel delivery expenses as research costs.

The lawsuit targets members of the hydrogen fuel cell maker’s board and upper management. It accuses them of dumping millions worth of shares while their price was near its all-time high in early 2021, before the stock plunged on news that the company would have to restate its 2020 financials.

All eight Plug Power directors named as defendants, along with three of its top ...