Robbins LLP informs stockholders that a class action was filed on behalf of all investors who purchased or otherwise acquired Plug Power Inc. (NASDAQ: PLUG) securities between January 17, 2025 and November 13, 2025. Plug Power provides hydrogen fuel cell turnkey solutions for the electric mobility and stationary power markets in North America and Europe, including hydrogen storage and production equipment or the delivery of hydrogen fuel, and develops infrastructure such as hydrogen production plants.

For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.

The Allegations: Robbins LLP is Investigating Allegations that Plug Power Inc. (PLUG) Misled Investors Regarding its Ability to Receive and Utilize the DOE Loan

According to the complaint, on January 16, 2025, Plug Power announced it had “closed a $1.66 billion loan guarantee” from the U.S. DOE’s LPO (the “DOE Loan”), a multi draw term loan facility by way of a series of advances subject to the achievement of certain conditions. Plug Power said that the DOE Loan “will help finance the construction of up to six projects to produce and liquefy zero- or low-carbon hydrogen at scale throughout the United States,” and further stated that the first project to benefit from this financing would be its green hydrogen plant located in Graham, Texas.

Plaintiff alleges that during the class period defendants failed to disclose that: (i) 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; and (ii) as such, Plug Power was likely to pivot toward more modest projects with less commercial upside.

The complaint alleges that 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 during which the Company announced that it expected to generate more than $275 million in liquidity after signing a nonbinding letter of intent to monetize 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.” On this news, Plug Power’s stock price fell $0.09 per share, or 3.39%, to close at $2.53 per share on November 11, 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 per share, or 17.58%, over the following two trading sessions, to close at $2.25 per share on November 14, 2025.

What Now: You may be eligible to participate in the class action against Plug Power Inc. Shareholders who wish to serve as lead plaintiff for the class must file their papers with the court by April 3, 2026. The lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002.

To be notified if a class action against Plug Power Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.

Attorney Advertising. Past results do not guarantee a similar outcome.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260203100645/en/

Robbins LLP is Investigating Allegations that Plug Power Inc. (PLUG) Misled Investors Regarding its Ability to Receive and Utilize the DOE Loan