This case was last updated from PACER on 05/07/2021 at 09:08:27 (UTC).

Beverly v. Plug Power Inc. et al

Case Summary

 

On March 8, 2021, Dawn Beverly (“Plaintiff”), individually and on behalf of all others similarly situated represented by Gregory Bradley Linkh of Glancy Prongay & Murray LLP filed a class action lawsuit against Plug Power Inc.(“Plug” or the “Company”), Andrew Marsh and Paul B. Middleton (collectively, “Defendants”), seeking certification of class action and compensatory damages among other reliefs for allegedly misleading investors by making false/misleading statements about the Company’s business, operations, and prospects. This case was filed in U.S. District Court in the Southern District of New York with Judge Edgardo Ramos presiding

 

Pursuant to Federal Rule of Civil Procedure 23(b)(3), the Plaintiff asserts to have filed the claim on behalf of a class, consisting of all persons and entities that purchased or otherwise acquired Plug securities between November 9, 2020 and March 1, 2021, inclusive, and who were damaged thereby. 

 

In their complaint, Plaintiff alleged that “On March 2, 2021, before the market opened, Plug filed a Notification of Late Filing with the SEC stating that it could not timely file its annual report for the period ended December 31, 2020 because the Company was completing a “review and assessment of the treatment of certain costs with regards to classification between Research and Development versus Costs of Goods Sold, the recoverability of right of use assets associated with certain leases, and certain internal controls over these and other areas.” The Company stated that “[i]t is possible that one or more of these items may result in charges or adjustments to current and/or prior period financial statements.””

 

Plaintiff further alleged that “Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company would be unable to timely file its 2020 annual report due to delays related to the review of classification of certain costs and the recoverability of the right to use assets with certain leases; (2) that the Company was reasonably likely to report material weaknesses in its internal control over financial reporting; and (3) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.” Plaintiff also alleged that “Plaintiff and the Class purchased Plug’s securities at artificially inflated prices and were damaged thereby. The price of the Company’s securities significantly declined when the misrepresentations made to the market, and/or the information alleged herein to have been concealed from the market, and/or the effects thereof, were revealed, causing investors’ losses.”

 

There are two claims for relief laid down by the Plaintiff. The first claim for relief is against all Defendants for Violation of Section 10(b) of The Exchange Act and Rule 10b-5 Promulgated Thereunder and the last claim is against the individual defendants for violation of Section 20(a) of The Exchange Act. 

 

In its prayer for relief, the Plaintiff requested the court to pass an order to define the class as requested and to certify this as a class action in accordance with Federal Rule of Civil Procedure 23, awarding compensatory damages in favor of Plaintiff along with costs of litigation. 

 

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Case Details Parties Documents Dockets

 

Case Details

  • Case Number:

    1:21-CV-02004

  • Filing Date:

    03/08/2021

  • Case Status:

    Pending - Other Pending

  • Case Type:

    Finance - Security/Commodity/Exchange

  • Courthouse:

    New York Southern District

Judge Details

Presiding Judge

Edgardo Ramos

 

Party Details

Plaintiff

Dawn Beverly

Defendants

Paul B. Middleton

Andrew Marsh

Plug Power Inc.

Attorney/Law Firm Details

Plaintiff Attorney

Gregory Bradley Linkh

Attorney at Glancy Prongay & Murray LLP

77 Water Street, 7Th Floor

New York, NY 10005

Defendant Attorney

Deborah Sager Birnbach

Attorney at Goodwin Procter, LLP (Boston)

100 Northern Avenue

Boston, MA 02210

 

Court Documents

#8

(#8) STIPULATION AND ORDER REGARDING SERVICE OF COMPLAINT AND TIME TO RESPOND TO COMPLAINT: NOW, THEREFORE, IT IS HEREBY STIPULATED AND AGREED, and respectfully requested, by the parties hereto, by and through their undersigned counsel, subject to the approval of the Court, as follows: 1. The undersigned attorney for the Defendants is authorized to and hereby accepts service of the Complaint on behalf of all Defendants; 2. Defendants shall not be required to answer, submit a letter requesting a pre-motion conference for a motion to dismiss pursuant to Rule 2(A)(ii) of this Court's Individual Practices, or otherwise respond to the Complaint until after a lead plaintiff has been appointed and lead plaintiff has filed an amended complaint (if any); 3. Within fourteen (14) days of appointment of Lead Plaintiff pursuant to 15 U.S.C. 78u-4, Lead Plaintiff and Defendants shall meet and confer regarding scheduling and shall submit a stipulation for the Court's approval with the Parties' proposed schedule for the filing of an amended complaint (if any) and the filing of a letter requesting a pre-motion conference for a motion to dismiss. (Signed by Judge Edgardo Ramos on 3/24/2021) (mro) (Entered: 03/24/2021)

#7

(#7) PROPOSED STIPULATION AND ORDER. Document filed by Andrew Marsh, Paul B. Middleton, Plug Power Inc...(Birnbach, Deborah) (Entered: 03/23/2021)

#6

(#6) RULE 7.1 CORPORATE DISCLOSURE STATEMENT. No Corporate Parent. Document filed by Andrew Marsh, Paul B. Middleton, Plug Power Inc...(Birnbach, Deborah) (Entered: 03/23/2021)

#5

(#5) NOTICE OF APPEARANCE by Deborah Sager Birnbach on behalf of Andrew Marsh, Paul B. Middleton, Plug Power Inc...(Birnbach, Deborah) (Entered: 03/23/2021)

#4

(#4) ELECTRONIC SUMMONS ISSUED as to Andrew Marsh, Paul B. Middleton, Plug Power Inc...(jgo) (Entered: 03/09/2021)

#3

(#3) REQUEST FOR ISSUANCE OF SUMMONS as to PLUG POWER INC., ANDREW MARSH, and PAUL B. MIDDLETON, re: #1 Complaint. Document filed by Dawn Beverly..(Linkh, Gregory) (Entered: 03/08/2021)

#2

(#2) CIVIL COVER SHEET filed..(Linkh, Gregory) (Entered: 03/08/2021)

#1

(#1) COMPLAINT against Andrew Marsh, Paul B. Middleton, Plug Power Inc.. (Filing Fee $ 402.00, Receipt Number ANYSDC-24221592)Document filed by Dawn Beverly..(Linkh, Gregory) (Entered: 03/08/2021)

 

Docket Entries

  • 03/24/2021
  • View Court Documents
  • Docket(#8) STIPULATION AND ORDER REGARDING SERVICE OF COMPLAINT AND TIME TO RESPOND TO COMPLAINT: NOW, THEREFORE, IT IS HEREBY STIPULATED AND AGREED, and respectfully requested, by the parties hereto, by and through their undersigned counsel, subject to the approval of the Court, as follows: 1. The undersigned attorney for the Defendants is authorized to and hereby accepts service of the Complaint on behalf of all Defendants; 2. Defendants shall not be required to answer, submit a letter requesting a pre-motion conference for a motion to dismiss pursuant to Rule 2(A)(ii) of this Court's Individual Practices, or otherwise respond to the Complaint until after a lead plaintiff has been appointed and lead plaintiff has filed an amended complaint (if any); 3. Within fourteen (14) days of appointment of Lead Plaintiff pursuant to 15 U.S.C. 78u-4, Lead Plaintiff and Defendants shall meet and confer regarding scheduling and shall submit a stipulation for the Court's approval with the Parties' proposed schedule for the filing of an amended complaint (if any) and the filing of a letter requesting a pre-motion conference for a motion to dismiss. (Signed by Judge Edgardo Ramos on 3/24/2021) (mro) (Entered: 03/24/2021)

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  • 03/23/2021
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  • Docket(#7) PROPOSED STIPULATION AND ORDER. Document filed by Andrew Marsh, Paul B. Middleton, Plug Power Inc...(Birnbach, Deborah) (Entered: 03/23/2021)

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  • 03/23/2021
  • View Court Documents
  • Docket(#6) RULE 7.1 CORPORATE DISCLOSURE STATEMENT. No Corporate Parent. Document filed by Andrew Marsh, Paul B. Middleton, Plug Power Inc...(Birnbach, Deborah) (Entered: 03/23/2021)

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  • 03/23/2021
  • View Court Documents
  • Docket(#5) NOTICE OF APPEARANCE by Deborah Sager Birnbach on behalf of Andrew Marsh, Paul B. Middleton, Plug Power Inc...(Birnbach, Deborah) (Entered: 03/23/2021)

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  • 03/09/2021
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  • Docket(#4) ELECTRONIC SUMMONS ISSUED as to Andrew Marsh, Paul B. Middleton, Plug Power Inc...(jgo) (Entered: 03/09/2021)

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  • 03/09/2021
  • DocketCase Designated ECF. (jgo) (Entered: 03/09/2021)

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  • 03/09/2021
  • DocketMagistrate Judge Katharine H. Parker is so designated. Pursuant to 28 U.S.C. Section 636(c) and Fed. R. Civ. P. 73(b)(1) parties are notified that they may consent to proceed before a United States Magistrate Judge. Parties who wish to consent may access the necessary form at the following link: #https://nysd.uscourts.gov/sites/default/files/2018-06/AO-3.pdf. (jgo) (Entered: 03/09/2021)

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  • 03/09/2021
  • DocketCASE OPENING INITIAL ASSIGNMENT NOTICE: The above-entitled action is assigned to Judge Edgardo Ramos. Please download and review the Individual Practices of the assigned District Judge, located at #https://nysd.uscourts.gov/judges/district-judges. Attorneys are responsible for providing courtesy copies to judges where their Individual Practices require such. Please download and review the ECF Rules and Instructions, located at #https://nysd.uscourts.gov/rules/ecf-related-instructions..(jgo) (Entered: 03/09/2021)

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  • 03/09/2021
  • Docket***NOTICE TO ATTORNEY REGARDING PARTY MODIFICATION. Notice to attorney Gregory Bradley Linkh. The party information for the following party/parties has been modified: Dawn Beverly. The information for the party/parties has been modified for the following reason/reasons: party text was omitted;. (jgo) (Entered: 03/09/2021)

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  • 03/08/2021
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  • Docket(#3) REQUEST FOR ISSUANCE OF SUMMONS as to PLUG POWER INC., ANDREW MARSH, and PAUL B. MIDDLETON, re: #1 Complaint. Document filed by Dawn Beverly..(Linkh, Gregory) (Entered: 03/08/2021)

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  • 03/08/2021
  • View Court Documents
  • Docket(#2) CIVIL COVER SHEET filed..(Linkh, Gregory) (Entered: 03/08/2021)

    Read MoreRead Less
  • 03/08/2021
  • View Court Documents
  • Docket(#1) COMPLAINT against Andrew Marsh, Paul B. Middleton, Plug Power Inc.. (Filing Fee $ 402.00, Receipt Number ANYSDC-24221592)Document filed by Dawn Beverly..(Linkh, Gregory) (Entered: 03/08/2021)

    Read MoreRead Less
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