Shareholders Sue Plug Power (PLUG) Over $1.66B DOE Loan Claims

A class action lawsuit was filed against Plug Power PLUG +3.59% ▲ on February 2nd, 2026.

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The federal securities class action alleges that plaintiffs – Plug Power shareholders – acquired Plug Power stock at artificially inflated prices between January 17, 2025 and November 13, 2025, known as the “Class Period.” Plaintiffs are now seeking compensation for financial losses incurred upon public revelation of the company’s alleged misconduct during that time. To learn whether you may be eligible for a recovery under this securities lawsuit, click here.

What Does Plug Power Do?

• Plug Power is a New York state business focused on all aspects of green hydrogen as an alternative fuel.

• It is in the process of creating an “end-to-end green hydrogen ecosystem.” This includes production, storage and delivery to energy generation, which helps businesses not only achieve their objectives, but also “decarbonize the economy.” To that end, Plug Power says it has deployed more than 72,000 fuel cell systems and more than 275 fueling stations.

• Plug Power has built a state-of-the-art Gigafactory to produce electrolyzers and fuel cells, to further its objective of building and operating  “a green hydrogen highway across North America and Europe.” Plug Power is also developing numerous green hydrogen production plants with commercial operation potentially beginning by the end of 2028.

Why are PLUG Shareholders Suing the Company?

The company and two of its current and/or senior officers (the “Individual Defendants”) are accused of deceiving investors by lying and withholding important information about Plug Power’s business practices and compliance policies during the Class Period.

In particular, they are accused of omitting truthful information about the likelihood that the company would get funds from a certain loan, and ancillary issues, from SEC filings and related material. By knowingly or recklessly doing so, they allegedly caused Plug Power stock to trade at artificially inflated prices during the time in question. After a series of partial disclosures, the truth, according to the plaintiffs, came out on November 13, 2025. That’s when The Washington Examiner reported that Plug Power “confirmed . . . that it suspended activities” on “its plans to construct six facilities to produce and liquefy zero or low-carbon hydrogen, putting at risk” the $1.66 billion DOE Loan it closed in January.

Taking a Closer Look

As alleged, Plug Power and/or the  Individual Defendants repeatedly made false and misleading public statements throughout the Class Period.

In an announcement made at the beginning of the Class Period, for example, the company stated in relevant part: “the DOE Loan will help finance the construction of up to six projects to produce and liquefy zero- or low-carbon hydrogen at scale throughout the United States,” and added that “the first project to benefit from this financing would be its green hydrogen plant located in Graham, Texas.”

Then, in a March 3, 2025 press release, Plug Power stated: “To cover the investment amount outside the DOE loan, Plug has targeted a process of working with project finance and potential equity investors. The company has made progress aligning with interested parties and anticipates culminating that process commensurate with kicking off the project in the coming months. Construction is expected to take approximately 18 months once its engineering, procurement, and construction (EPC) contractor is mobilized. This remains an important project for the future …and is expected to benefit the company and the U.S. market once completed…”

Finally, during a conference call the next day, the company’s then-CEO, an Individual Defendant, stated in relevant part: “We have had regular conversations with the DOE over the past month. I personally will be spending time with them this week. So from an engagement point of view, and look, we’re in very, very red districts. We’re in Texas where we’re looking to build this. And I can tell you the local political teams, political folks in that region are strong supporters of this and are reaching out to make sure that this loan is executed on the deal that we came to. . . . I would expect that construction of this project will most likely happen in the fourth quarter and that you can say 18 months to 24 months before it’s completed.”

Actions You May Take

If you have purchased the company’s stock during the Class Period, you may join the class action as a lead plaintiff, remain a passive class member, or opt out of this litigation and pursue individual claims that may not be available to the class as a whole. To learn more, click here.

The deadline to file for lead plaintiff in this class action is April 3, 2026.

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