Plug Power Execs, Board Misled Investors on Revenue, Suit Says

Plug Power Inc.’s officers and directors allegedly misled investors on the hydrogen fuel cell maker’s revenue projections for more than a year, a shareholder derivative suit says.

The company’s disclosures allegedly misrepresented to investors in August 2022 that Plug Power had a strong outlook with a $15 billion sales funnel and no foreseeable supply chain issues, projecting between $900 million and $925 million in revenue for the year, representing 80% growth over 2021.

Executives and directors at Plug Power allegedly failed to disclose that there were supply chain and product manufacturing issues, resulting in lower revenues, increased inventory levels, ...