Plug Power Rocked by Accounting Errors After Its 1,400% Surge
- Company will restate earnings for most of the last three years
- Truist Securities downgrades shares; Cowen keeps buy rating
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Plug Power Inc.’s accounting errors sent shares of the fuel-cell maker plunging on Wednesday.
The Latham, New York-based company, which soared more than 1,400% in the past year through Tuesday, tumbled about 8%. Despite the selloff, Plug Power is still up about 16% in 2021 -- compared with an advance of almost 6% for the S&P 500 Index. Its industry counterparts Ballard Power Systems Inc. and FuelCell Energy Inc. erased Wednesday’s losses and closed in the green.