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

(RTTNews) - 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.