The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed on behalf of investors who acquired Plug Power, Inc. (“Plug Power” or the “Company”) (NASDAQ: PLUG) securities during the period of January 17, 2025 through November 13, 2025, inclusive (“the Class Period”).

If you suffered a loss on your Plug Power investments, you have until April 3, 2026 to request lead plaintiff appointment. Courts do not consider lead plaintiff applications submitted after this deadline. If you choose to take no action, you may remain an absent class member. For more information about the lawsuit:

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What Is This Lawsuit About? 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 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.

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The Lead Plaintiff Appointment Process. The federal securities laws permit any investor who acquired eligible securities during the class period to seek appointment as lead plaintiff in a class action lawsuit. Courts typically appoint the investor(s) with the largest financial loss in the case and the ability to represent the class rather than investors with simply the largest investment portfolio. Courts regularly appoint individual investors, whether acting alone or as a group, as lead plaintiffs. The rights of any investor who bought shares during the class period are generally already protected. However, lead plaintiffs have the power to influence case strategy and have a say in settlement decisions, as well as decisions concerning allocation of settlement funds among class members.

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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.

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.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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