logo
  

Plug Power To Restate Prior Financial Statements; Shares Tank 11%

Shares of Plug Power Inc. (PLUG) plunged over 11% on extended session Tuesday after the company said that it found some accounting errors that will lead to restating of some financial results.

Plug Power said it will restate its previously issued financial statements for fiscal years 2018 and 2019 and its quarterly filings for 2019 and 2020, which will be disclosed in the Form 10-K for the year ended December 31, 2020.

The company said its financial statements need to be restated due to errors in accounting primarily related to several non-cash items, including: book value of right of use assets and related finance obligations; loss accruals for certain service contracts; and the impairment of certain long-lived assets.

Moving ahead, the Company continues to expect to achieve its previously stated gross billings targets of $475 million in 2021, $750 million in 2022 and $1.7 billion in 2024.

PLUG is currently trading at $42.68, down $3.78 or 8.14%, on the Nasdaq. The stock further dropped $5.11 or 11.97% in the after-hours trading.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Covid vaccine makers Pfizer Inc. and BioNTech SE announced a new $3.2 billion vaccine supply deal with the U.S. Government, as the country is bracing for a Covid outbreak this fall. Under the deal, the U.S. government will receive 105 million doses (30 µg, 10 µg and 3 µg) of Pfizer -BioNTech covid vaccines initially. The order may include adult Omicron-adapted COVID-19 vaccines. Samsung Electronics Co. has started the initial mass production of 3-nanometer or nm chips, which is considered as the most advanced chip in the world. In its move, the South Korean tech major beats rival Taiwan Semiconductor Manufacturing Co., the world's largest chip manufacturer, which is reportedly in the process to build one. Bryant Ranch Prepack Inc. is recalling certain Morphine Sulfate Extended-Release Tablets citing incorrect labeling, the U.S. Food and Drug Administration said. The recall involves one lot of Morphine Sulfate 30 mg Extended-Release tablets, and one lot of Morphine Sulfate 60 mg Extended-Release tablets to the consumer level.
RELATED NEWS
Follow RTT