PLUG INVESTOR REMINDER: Plug Power, Inc. Investors Have Until April 3, 2026 To Seek Lead Plaintiff Role

NEW YORK–(BUSINESS WIRE)–If you have suffered a loss on your Plug Power, Inc. (“Plug Power” or the “Company”) (NASDAQ:PLUG) investment, contact Lauren Molinaro of Kirby McInerney LLP by email at investigations@kmllp.com, or fill out the contact form below to discuss your rights or interests in the securities fraud class action lawsuit at no cost.

Investors have until April 3, 2026 to ask the Court to appoint them as lead plaintiff. Courts do not consider applications filed after this deadline. The lead plaintiff oversees the litigation on behalf of the class and may influence key decisions, including litigation strategy and settlement. Courts regularly appoint individual investors as lead plaintiffs, not only institutions.

[CONTACT THE FIRM IF YOU SUFFERED A LOSS]

What Is The Lawsuit About?

The lawsuit has been filed on behalf of investors who purchased securities during the period of January 17, 2025 through November 13, 2025, inclusive (“the Class Period”). The lawsuit alleges that (i) Plug Power had materially overstated the likelihood that funds attributed to the DOE Loan would ultimately become available to Plug Power, and/or that Plug Power would ultimately construct the hydrogen production facilities necessary to receive those funds and (ii) as such, Plug Power was likely to pivot toward more modest projects with less commercial upside.

On October 7, 2025, Plug Power issued a press release and filed a current report on Form 8-K with the United States Securities and Exchange Commission (“SEC”) announcing that Defendant Andrew Marsh would step down from his role as the Company’s Chief Executive Officer, “effective as of the date [Plug Power] files its [2025] Annual Report”, and that Sanjay Shrestha would step down from his role as the Company’s President, “effective as of October 10, 2025[.]” Plug Power concurrently announced the appointment of Chief Revenue Officer Jose Luis Crespo to both roles. On this news, the price of Plug Power shares declined by $0.26 per share, or approximately 6.3%, from $4.13 per share on October 6, 2025 to close at $3.87 on October 7, 2025.

Then, on October 8, 2025, Plug Power issued a press release announcing it had entered into an agreement inducing the immediate exercise of the entirety of its outstanding warrants issued in the offering to a single institutional investor. Plug Power announced that this agreement yielded gross proceeds of approximately $370 million. In consideration for the immediate exercise of the offering warrants, Plug Power granted the investor new warrants to purchase a total of 185,430,464 million shares of common stock with an exercise price of $7.75, representing a premium of approximately 100% to Plug Power’s last closing stock price on October 7, 2025. Plug Power stated that it would receive approximately $1.4 billion in gross proceeds if the new warrants are fully exercised on a cash basis. In contrast to the Company’s earlier statements connecting offering proceeds to capital expenditures necessary to construct the Graham, Texas facility, Plug Power stated it intended to use proceeds from the new warrants “for working capital and general corporate purposes.” On this news, the price of Plug Power shares declined by $0.21 per share, or approximately 5.4%, from $3.87 per share on October 8, 2025 to close at $3.66 on October 9, 2025.

Then, on November 10, 2025, Plug Power issued a press release reporting its financial results for the quarter ended September 30, 2025, and filed a quarterly report on Form 10-Q with the SEC that reported the same. That same day, Plug Power held a related conference call to discuss those results. During the call, Defendants announced that they expected to generate more than $275 million in liquidity after signing a nonbinding letter of intent to monetize their electricity rights in New York and one other location in partnership with a major U.S. data center developer, and that “[a]s a result, we have suspended activities under the DOE loan program, allowing us to redeploy capital.” This represented a significant pivot for Plug Power. Defendants had not previously discussed the possibility of suspending activities under the DOE Loan and during the Class Period, and, just eight months earlier, had specifically advised analysts that they should “not expect revenue from that segment [i.e., data center power generation] of any size over the next two to three years.” On this news, the price of Plug Power shares declined by $0.09 per share, or approximately 3.4%, from $2.65 per share on November 7, 2025 to close at $2.56 on November 10, 2025.

Then, on November 13, 2025, The Washington Examiner reported that Plug Power “confirmed . . . . that it suspended activities” on “its plans to construct six facilities to produce and liquefy zero or low-carbon hydrogen, putting at risk” the $1.66 billion DOE Loan it closed in January. On this news, the price of Plug Power shares declined by $0.48 per share, or approximately 17.6%, from $2.73 per share on November 12, 2025 to close at $2.25 on November 14, 2025.

[CLICK HERE TO LEARN MORE ABOUT THE CLASS ACTION]

What Should I Do?

If you purchased or otherwise acquired Plug Power securities, have information, or would like to learn more about this investigation, please contact Lauren Molinaro of Kirby McInerney LLP by email at investigations@kmllp.com, or fill out the contact form below, to discuss your rights or interests with respect to these matters at no cost.

[WHAT IS A SECURITIES CLASS ACTION?]

Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.

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Contacts

Kirby McInerney LLP
Lauren Molinaro, Esq.
212-699-1171
https://www.kmllp.com
https://securitiesleadplaintiff.com/
investigations@kmllp.com