Plug Power Fights Off Investor Accounting Suit, Settles With SEC

Plug Power Inc. investors can’t proceed with a proposed class suit over restated financials, a federal court ruled just before the SEC said it accepted the hydrogen fuel cell company’s $1.25 million settlement offer over related allegations.

Judge Edgardo Ramos dismissed the shareholders’ suit Tuesday, giving them no opportunity to re-plead their case in the US District Court for the Southern District of New York.

And on Wednesday, the Securities and Exchange Commission issued a cease-and-desist order outlining Plug Power’s agreement to pay the immediate civil penalty—and to avoid an additional $5 million penalty in one year’s time by fully ...