Finance

Plug Power, a Reddit darling, dives after announcing it will restate financial results

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Plug Power GenDrive Fuel Cell with GenFuel hydrogen.

Source: Plug Power

Shares of Plug Power dropped more than 15% on Wednesday after the company said it will restate financial results following accounting errors.

In a filing with the Securities and Exchange Commission on Tuesday evening, the fuel cell maker said it will restate financial statements for fiscal years 2018 and 2019, as well as quarterly filings for 2019 and 2020.

The company said the accounting errors are primarily related to areas including the impairment of certain long-lived assets, as well as loss accruals for certain service contracts.

“There is no expected impact to our cash position, business operations or economics of…



Source cnbc.com

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