Plug Power(US:PLUG) Globenewswire·2026-02-17 12:07Core Viewpoint - A class action lawsuit has been filed against Plug Power Inc. and certain senior executives for securities fraud following significant stock drops attributed to potential violations of federal securities laws [1][3]. Group 1: Lawsuit Details - The lawsuit is pending in the U.S. District Court for the Northern District of New York, captioned Ortolani v. Plug Power Inc., et al., No. 1:26-cv-00165 [3]. - Investors have until April 3, 2026, to request to be appointed to lead the case, with claims asserted under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 [3]. Group 2: Company Background - Plug Power specializes in hydrogen fuel cell turnkey solutions for electric mobility and stationary power markets, and develops infrastructure such as hydrogen production plants [4]. - The company announced a "closed a $1.66 billion loan guarantee" from the U.S. Department of Energy to finance the construction of hydrogen production facilities [4]. Group 3: Stock Performance and Events - On October 7, 2025, the abrupt departure of CEO Andrew Marsh and President Sanjay Shrestha led to a stock price drop of $0.26 per share, or 6.3%, from $4.13 to $3.87 [5]. - On November 10, 2025, Plug Power suspended activities under the DOE loan program, causing a further stock drop of $0.09 per share, or 3.4%, from $2.65 to $2.56 [6]. - A report on November 13, 2025, confirmed the suspension of plans to construct hydrogen production facilities, resulting in a stock drop of $0.48 per share, or 17.6%, from $2.49 to $2.25 [7].