Plug Power(US:PLUG) Businesswire·2026-02-04 21:46Core Viewpoint - Plug Power Inc. is facing a class action lawsuit for securities fraud after suspending plans to construct hydrogen production facilities, leading to significant stock price drops [1] Group 1: Lawsuit Details - A class action lawsuit has been filed against Plug Power Inc. and certain senior executives for securities fraud, citing violations of federal securities laws [1] - The lawsuit is pending in the U.S. District Court for the Northern District of New York, under the case caption Ortolani v. Plug Power Inc., et al., No. 1:26-cv-00165 [1] - Investors have until April 3, 2026, to request to be appointed to lead the case [1] Group 2: Company Background - Plug Power provides hydrogen fuel cell turnkey solutions for electric mobility and stationary power markets, and develops infrastructure such as hydrogen production plants [1] - The company announced a $1.66 billion loan guarantee from the U.S. Department of Energy to finance the construction of hydrogen production projects [1] Group 3: Stock Performance - On October 7, 2025, Plug Power's stock dropped by $0.26 per share (6.3%) following the abrupt departure of its CEO and President [1] - On November 10, 2025, the stock fell by $0.09 per share (3.4%) after the company suspended activities under the DOE loan program [1] - Following a report on November 13, 2025, regarding the suspension of plans to construct hydrogen facilities, the stock dropped by $0.48 per share (17.6%) [1]