Shares of Plug Power Inc.
PLUG,
fell 0.8% in morning trading Wednesday, after the hydrogen fuel-cell company agreed to pay $1.25 million to settle civil proceedings with the Securities and Exchange Commission. The settlement is related to the company’s announcement in March 2021 that investors shouldn’t rely on its 2018 and 2019 financial statements, leading to a restatement of results in May 2021. Plug Power could pay an additional $5 million civil penalty if its is unable to remediate its “material weakness” with regard to financial disclosures. Plug Power said the agreed payment comes without an admission or denial of the SEC’s findings. The stock has dropped 28.8% year to date, while the S&P 500 has gained 17.5%.
