$PLUG Lawsuit: Plug Power Accused of Misrepresentations about its DOE Funding in Securities Fraud Class Action – Investors Alerted to Contact BFA Law

Core Viewpoint - A class action lawsuit has been filed against Plug Power and its executives for securities fraud, alleging misrepresentations regarding a $1.66 billion Department of Energy loan and hydrogen facilities, which resulted in a 17% decline in stock price [1][2][11]. Group 1: Lawsuit Details - The lawsuit is led by Bleichmar Fonti & Auld LLP and claims violations of federal securities laws, specifically under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 [2][5]. - 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 [5][11]. - The case is titled Ortolani v. Plug Power Inc., et al., No. 1:26-cv-00165 [5]. Group 2: Allegations Against Plug Power - Plug Power is accused of materially overstating the likelihood of receiving DOE loan funds and constructing hydrogen production facilities necessary for those funds [6]. - The company provides hydrogen fuel cell solutions and develops infrastructure for hydrogen production [6]. Group 3: Stock Performance and Impact - The stock price of Plug Power dropped significantly following key announcements, including the abrupt departure of CEO Andrew Marsh and President Sanjay Shrestha, which led to a 6.3% decline on October 7, 2025 [7]. - On November 10, 2025, the announcement of suspending activities under the DOE loan program caused a further 3.4% drop in stock price [8]. - A subsequent report on November 13, 2025, regarding the suspension of plans to construct hydrogen facilities resulted in a 17.6% decline in stock price the following day [9].