Defendant Name: Plug Power Inc.

Defendant Type: Public Company
SIC Code: 3629
CUSIP: 72919P20

Initial Case Details

Legal Case Name In the Matter of Plug Power Inc.
First Document Date 30-Aug-2023
Initial Filing Format Administrative Action
File Number 3-21588
Allegation Type Issuer Reporting and Disclosure
AAER 4452

Violations Alleged

Exchange Act
• Sec 13(a)
• Rule 13a-1
• Rule 13a-13
• Rule 13a-15
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)

Resolutions

First Resolution Date 30-Aug-2023
Headline Total Penalty and Disgorgement $1,250,000

Related Documents:

34-98243 30-Aug-2023 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On August 30, 2023, the SEC instituted settled cease-and-desist proceedings against Plug Power Inc., stating: "This matter involves financial reporting, accounting, and controls failures by Plug Power, a provider of green hydrogen and hydrogen-fuel-cell systems. These failures led to a multi-year restatement of Plug Power’s financial statements concerning, among other things, reported assets and liabilities for leases, classification of certain operating costs, and loss accruals for service contracts."
34-98243-s 30-Aug-2023 Administrative Summary
SEC Charges Plug Power for Financial Reporting, Accounting, and Controls Violations
The SEC stated that: "[It] charged Plug Power Inc., a provider of green hydrogen and hydrogen-fuel-cell systems, for financial reporting, accounting, and controls failures that required a multi-year restatement of the company’s prior financial statements. Plug Power has agreed to settle the SEC’s charges."