Plug Power(US:PLUG) Globenewswire·2026-03-09 10:46Core Viewpoint - A class action lawsuit has been filed against Plug Power Inc. and its senior executives for securities fraud, following significant stock drops attributed to potential violations of federal securities laws [1][4]. Group 1: Lawsuit Details - Investors have until April 3, 2026, to request to lead the case, which is pending in the U.S. District Court for the Northern District of New York [4][10]. - The lawsuit claims violations under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of Plug Power investors [4][10]. Group 2: Allegations Against Plug Power - Plug Power is accused of materially overstating the likelihood of receiving a $1.66 billion loan guarantee from the U.S. Department of Energy, which was intended to finance hydrogen production facilities [5]. - The company provides hydrogen fuel cell solutions and develops infrastructure for hydrogen production [5]. Group 3: Stock Performance and Impact - The abrupt departure of CEO Andrew Marsh and President Sanjay Shrestha on October 7, 2025, led to a 6.3% drop in stock price, from $4.13 to $3.87 per share [6]. - On November 10, 2025, the announcement of suspended activities under the DOE loan program caused a further 3.4% decline in stock price, from $2.65 to $2.56 per share [7]. - A subsequent report on November 13, 2025, regarding the suspension of plans to construct hydrogen facilities resulted in a 17.6% drop in stock price, from $2.49 to $2.25 per share [8].