The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of shareholders who purchased or otherwise acquired Plug Power, Inc. (“Plug Power” or the “Company”) (NASDAQ: PLUG) securities between January 17, 2025 and November 13, 2025, inclusive (the “Class Period”). Plug Power investors have until April 3, 2026 to file a lead plaintiff motion.

Investors with losses exceeding $50,000 are encouraged to contact the firm

What Happened?

On October 7, 2025, Plug Power announced that its Chief Executive Officer and its President were both stepping down from their roles. On this news, Plug Power’s stock price fell $0.26, or 6.3%, to close at $3.87 per share on October 7, 2025, thereby injuring investors.

Then, on November 10, 2025, the Company announced that it had signed a nonbinding letter of intent to monetize its 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, [the Company had] suspended activities under the DOE loan program, allowing [it] to redeploy capital”.

On this news, Plug Power’s stock price fell $0.09, or 3.4%, to close at $2.53 per share 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, Plug Power’s stock price fell $0.48, or 17.6%, over two consecutive trading days, to close at $2.25 per share on November 14, 2025, thereby injuring investors further.

What Is The Lawsuit About?

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Defendants 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; (2) as such, Plug Power was likely to pivot toward more modest projects with less commercial upside; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.