Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Plug Power Inc. (NasdaqCM: PLUG).
On August 9, 2022, the Company released its 2Q2022 financial results, assuring investors that it had a “Strong Business Outlook,” touting a $15 billion sales funnel, also emphasizing its strong supply chain and that its rapidly growing inventory was simply attributable to the substantial growth the Company would experience in the second half of 2022, projecting that the Company would generate 2022 revenue between $900 million and $925 million, approximately 80% year-over-year growth. Over the next several months, the Company gradually disclosed slashes to its revenue projections and increased inventory levels.
The Company was subsequently sued in a securities class action lawsuit alleging that misrepresented and/or failed to disclose that it was unable to effectively manage its supply chain and product manufacturing, resulting in reduced revenues and margins, increased inventory levels, and several large deals being delayed until at least 2023, among other issues.
KSF’s investigation is focusing on whether Plug’s officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Plug shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-833-938-0905 or email KSF Managing Partner Lewis Kahn ([email protected]), or visit https://www.ksfcounsel.com/cases/nasdaqcm-plug/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit ksfcounsel.com.
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