Shareholder lawsuit targets Plug Power over accounting trouble

Photo of Larry Rulison

COLONIE — At least one shareholder lawsuit has been brought against Plug Power in federal court in Manhattan after the local fuel cell maker revealed accounting issues earlier that led to a major sell-off of its shares.

Shares of Plug Power fall after it says it will restate financials

Such securities class action lawsuits are commonplace after public companies announce adverse news that leads to their stock price falling. Shares of Plug are down 30 percent since a March 2 filing with the U.S. Securities Commission said it would likely need to correct past financial statements.

Plug Power says it may need to adjust past financial statements