The document, which “demands a trial by jury” is signed by two law firms Delaware-based Deleeuw Law LLC, and Pennsylvania-based Kessler Topaz Meltzer & Check LLP, while the latter and three other legal firms - Pennsylvania-based Kaskela Law LLP and California-based Block & Leviton LLP and Robbins LLP have issued statements encouraging investors to join the suit. “As a result of Defendants’ wrongful acts and omissions, and the significant decline in the market value of the Company’s common stock when the truth was revealed, Plaintiff and other members of the Class have suffered significant damages.” Specifically, Defendants misrepresented and/or failed to disclose that the Company was unable to effectively manage its supply chain and product manufacturing, resulting in reduced revenues and margins, increased inventory levels, and several large deals being delayed until at least 2023, among other issues,” the lawsuit states. “This Complaint 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 and operations. On 1 March, Plug revealed its Q4 2022 results, which showed that “full-year revenue growth of just 40% on a year-over-year basis”. What proportion of the US hydrogen tax credits will be passed on to buyers, and how much will be kept by producers? “Just a few months later, on October 14, 2022, investors began to learn the truth about Plug’s prospects when the Company warned that full-year revenue could be 5% to 10% lower than previously projected” due to “timing and broader supply chain issues”. Marsh has served as President and Chief Executive Officer of Plug Power Inc., an alternative energy technology provider engaged in the. based on SK’s partnerships, in China and Vietnam, Andrew Marsh, president and CEO of Plug Power, told Nikkei Asia in a recent interview. hydrogen fuel cell maker Plug Power, which counts Walmart and Amazon as its. Under his leadership, Plug Power has led innovation, bringing the hydrogen fuel cell market. Plug Power partners SK Group, eyes China and Vietnam. The document states that Marsh stated that he did “not foresee supply chain issues this year”, with the company projecting 2022 revenue of $900-925m - “representing approximately 80% year-over-year growth”. Andy Marsh joined Plug Power as President and CEO in April 2008. The lawsuit, Melton v Plug Power Inc at al - a “class action complaint for violations of the federal securities law” - was filed in the United States District Court for the District of Delaware on Wednesday.Īccording to the filed case document, the defendants - namely Plug Power Inc, CEO Andy Marsh, chief financial officer Paul Middleton, executive vice-president of global manufacturing David Mindnich and chief accounting officer Martin Hull - had “assured investors that the Company had a ‘Strong Business Outlook’ and touted a $15 billion sales funnel”. It has tumbled 39.EXCLUSIVE | Plug Power dropped as electrolyser supplier at heavily hyped 100MW green hydrogen project in Egypt On Tuesday, the stock slumped 3.8% to $7.55, just above last Friday’s three-year closing low of $7.48. Meanwhile, the stock sank 56.2% in 2022, the biggest yearly selloff since it plummeted 75.5% in 2012. 10.2, Form of Non-Qualified Stock Option Agreement for Employees. That compares with the 2021 CEO pay ratio of 916-to-1, and the 2020 pay ratio of 203-to-1. Under his leadership, Sky Capital America built and acquired over 100MW of operating solar assets and secured a pipeline over 100MW. Shrestha served as the CIO of a global solar IPP and President of Sky Capital Americas since 2015. (Read more about Plug’s results for the first quarter of 2023 and the fourth quarter of 2022.)ĬEO Marsh’s 2022 compensation was 12.5 times the median compensation of its employees, including full-time, part-time, seasonal and temporary employees, of $61,163. Who is on Plug Powers Insider Roster The list of insiders at Plug Power includes Andrew Marsh, Fivet Capital Holding Ag, George C Mcnamee, Gerard L Conway Jr, Jonathan M Silver, Jose Luis Crespo, Keith Schmid, Lucas P Schneider, Maureen O Helmer, Paul B Middleton, and Sanjay K Shrestha. Sanjay Shrestha joined Plug Power as Chief Strategy Officer in 2019. In 2022, Plug reported net losses that widened 57.4% from the year before to $723.17 million, even as revenue increased 39.6% to $701.44 million. Marsh Andrew sec form 4 filings insider trading, insiders stock buying and selling. In 2020, Marsh’s total compensation was $13.63 million. That’s down from $52.25 million in 2021, which included the same $750,000 base salary, but also $50.80 million in option awards and $682,500 in nonequity-incentive plan compensation.
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