FOX & KILSHEIMER LLP FILES SECURITIES
FRAUD CLASS ACTION AGAINST PLUG POWER, INC.
NEW YORK – - Kaplan Fox & Kilsheimer LLP (www.KaplanFox.com) has filed a Class Action lawsuit against Plug Power, Inc. and certain of the Company's officers and directors in the United States District Court for the Eastern District of
New York. The suit is brought on behalf of all persons or entities who purchased the common stock of Plug Power, Inc. (Nasdaq: PLUG) between February 14, 2000 and August 2, 2000, inclusive ("Class Period").
The complaint charges Plug Power and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that defendants issued a series of false and
misleading statements during the Class Period, thereby inflating the price of PLUG stock. In February 1999, PLUG partnered with General Electric and formed GE Fuel Cell Systems LLC. The complaint alleges that PLUG
failed to disclose that it was unable to produce fuel cells in conformance with the contractual specifications in the contract with GE, as a result, the Company's relationship with GE was subject to increased risk and
uncertainty and GE would be able to terminate its agreement with PLUG without having to purchase PLUG fuel cells. The Company failed to disclose that (i) PLUG's fuel cell technology was not commercially viable and the
Company's plans to refine its technology were not meeting with success and (ii) PLUG would experience greater operating losses than anticipated by the market and therefore would not be profitable in the near
future. On August 2, 2000, PLUG issued a press release disclosing (i) that it would cut its fuel cell systems manufacturing schedule from 2000 to 125 for the year, thus demonstrating, contrary to its previous
representations, that it was just an R&D shop with a potential product the commercial development of which was a distant hope; (ii) that it would have operating losses which would continue through the year 2003; and
(iii) that PLUG's fuel cells would not become commercially available until 2002 at the earliest. Upon news of these revelations, PLUG's stock declined by more than $12 per share to close at $39.50 per share. Prior
to this disclosure, certain Company insiders sold their shares and reaped in proceeds of approximately $10 million.
Plaintiff is represented by the law firms of Kaplan Fox & Kilsheimer LLP,
and the Law Offices of Bruce G. Murphy, both of which have many years of experience in prosecuting investor class actions in the federal and state courts throughout the United States. For more information about
Kaplan Fox & Kilsheimer LLP, you may visit our website at www.KaplanFox.com. If you are a member of the Class, you may move the court no later than November 13, 2000, to serve as a lead plaintiff for the Class. In order to serve as a
lead plaintiff, you must meet certain legal requirements.
If you have any questions about this Notice, the action, your rights, or your interests, please e-mail us at mail@KaplanFox.com or contact:
Frederic S. Fox, Esq.
Janine R. Azriliant, Esq.
Donald R. Hall, Esq.
Kaplan Fox & Kilsheimer LLP
805 Third Avenue - 22nd Floor
New York, NY 10022
Fax: (212) 687-7714
E-mail address: mail@KaplanFox.com
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