Plug Power Defends Amazon Relationship, Accounting in Delaware

Hydrogen fuel cell maker Plug Power Inc. asked the Delaware Chancery Court on Monday to follow a federal court’s lead in dismissing allegations of insider trading against its senior leaders.

Investors claim an agreement with Amazon.com Inc., the company’s most important customer, drove directors and executives to dump $122 million worth of shares just before the stock plummeted upon news that Plug Power’s 2020 financial statements had to be restated because of accounting issues.

The consolidated complaint before Chancellor Kathaleen St. Jude McCormick followed a federal securities class action in New York prompted by the 2020 restatement. McCormick adjourned ...