공지 • Feb 04
Pomerantz LLP Announces Filing of Class Action Lawsuit Against Plug Power Inc. and Certain Officers
Pomerantz LLP announced that a class action lawsuit has been filed against Plug Power Inc. and certain officers. The class action, filed in the United States District Court for the Northern District of New York, and docketed under 26-cv-00165, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Plug Power securities between January 17, 2025 and November 13, 2025, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials. Plug Power provides hydrogen fuel cell turnkey solutions for the electric mobility and stationary power markets in North America and Europe, including hydrogen storage and production equipment or the delivery of hydrogen fuel, and develops infrastructure such as hydrogen production plants. At all relevant times, Plug Power represented that it is committed to building a network [of hydrogen production plants] across the United States. Supporting Plug Power’s operations and building out a network of hydrogen production plants required significantly more capital than the Company had available. Accordingly, as of early 2021, Plug Power began the process of applying for a loan through the U.S. Department of Energy’s (“DOE”) Loan Program’s Office (“LPO”). On January 16, 2025, in the closing days of former U.S. President Joe Biden’s administration, Plug Power announced it had “closed a $1.66 billion loan guarantee” from the U.S. DOE’s LPO (the “DOE Loan”), a multi draw term loan facility by way of a series of advances subject to the achievement of certain conditions. Plug Power said that the DOE Loan “will help finance the construction of up to six projects to produce and liquefy zero- or low-carbon hydrogen at scale throughout the United States,” and further stated that the first project to benefit from this financing would be its green hydrogen plant located in Graham, Texas. Approval and funding of disbursements under the DOE Loan were subject to the satisfaction of certain conditions precedent, including, but not limited to, evidence of satisfaction of certain technical and performance related conditions precedent, adequate project funding, reports from certain technical consultants and advisors, and the receipt of certain errata financial models demonstrating compliance with the financial covenants set for in the DOE Loan. Further, the DOE Loan advances could only be used to pay for eligible costs associated with the qualifying projects, i.e., the construction of six projects to produce and liquefy zero- or low-carbon hydrogen at scale for which DOE granted the DOE Loan. The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Defendants had materially overstated the likelihood that funds attributed to the DOE Loan would ultimately become available to Plug Power, and/or that Plug Power would ultimately construct the hydrogen production facilities necessary to receive those funds; (ii) as such, Plug Power was likely to pivot toward more modest projects with less commercial upside; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.