New updates have been reported about Plug.
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Plug Power Inc. is at the center of a newly filed securities class action alleging that the company and certain senior executives misled investors about the prospects of a $1.66 billion U.S. Department of Energy loan guarantee tied to six planned hydrogen production and liquefaction plants. The suit, filed in the U.S. District Court for the Northern District of New York under the caption Ortolani v. Plug Power Inc., asserts violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, with investors able to seek lead-plaintiff status until April 3, 2026.
According to the complaint, Plug materially overstated both the likelihood that DOE funds would ultimately be accessible and the probability that the related hydrogen facilities would be built, with subsequent disclosures and operational decisions triggering sharp share-price declines. Investor losses cited in the filing are linked to the abrupt October 7, 2025 departures of CEO Andrew Marsh and President Sanjay Shrestha, and to Plug’s November 2025 decision to suspend activities under the DOE loan program in favor of reallocating capital toward a prospective U.S. data center power agreement, culminating in a further sell-off after media reports highlighted that the suspension put the $1.66 billion loan at risk.