Plug Power Announces Settlement with SEC
30 Agosto 2023 - 10:37AM
Plug Power Inc. (NASDAQ:PLUG), a global leader in comprehensive
hydrogen solutions for the green hydrogen economy, today announced
the settlement of a civil administrative proceeding with the U.S.
Securities and Exchange Commission (“SEC” or “Commission”) related
to the Company’s March 16, 2021 announcement that the financial
statements in its prior annual reports on Form 10-K for 2018 and
2019, and quarterly reports on Form 10-Q for 2019 and 2020, should
no longer be relied upon. On May 14, 2021, the Company filed a Form
10-K for 2020 that included restated financial statements for those
periods.
The Company, without admitting or denying the findings, agreed
to a cease-and-desist order regarding Sections 13(a), 13(b)(2)(A),
and 13(b)(2)(B) of the Securities Exchange Act, and Rules 13a-1,
13a-13, and 13a-15(a) - (c) thereunder. The SEC’s order can be
found
at https://www.sec.gov/files/litigation/admin/2023/34-98243.pdf.
As part of the settlement, the Company agreed to a civil monetary
penalty in the amount of $1.25 million. Additionally,
the Company has undertaken to fully remediate its material weakness
and publicly disclose the same within one year from the date of the
order. If the Company is unable to remediate its material weakness
by that date, an additional civil monetary penalty in the amount of
$5 million will be due within 90 days from one year from the date
of the order.
In determining to accept the Company’s offer of settlement, the
Commission considered remedial acts promptly undertaken by the
Company and cooperation afforded the Commission staff.
Specifically, the Company prepared and began implementing a
remediation plan in 2021, which includes the following remedial
measures: (i) hiring additional resources, including approximately
60 new employees in its accounting and finance department and
internal audit; (ii) utilizing third-party resources with
appropriate technical accounting expertise, and strengthening
internal training, to help the Company’s employees identify and
address complex technical accounting issues that affect the
financial statements; (iii) designing and implementing a continuous
risk-assessment process to identify and assess risks of material
misstatements, and to help ensure that financial-reporting
processes and related internal controls are properly designed,
maintained, and documented to respond to such risks in financial
reporting; (iv) implementing more analysis and review procedures
and documentation for the application of GAAP, complex accounting
matters, and key accounting policies; (v) augmenting estimation
policies and procedures to be more robust and consistent with
overall market dynamics, including evaluating the Company’s
operating environment to ensure operating effectiveness of certain
process-level controls; (vi) deploying new tools and tracking
mechanisms to enhance and maintain appropriate documentation
concerning the classification of certain operating expenses; and
(vii) reporting regularly to the Company’s Audit Committee
concerning progress and results, including the identification,
status, and resolution of control deficiencies.
“We are pleased to announce we have reached a settlement with
the SEC. Plug has diligently and fully cooperated with the SEC
throughout the process and took prompt corrective measures and
extensive remedial actions and steps to improve and enhance our
policies, procedures, and internal controls over financial
reporting,” said Andy Marsh, CEO of Plug Power.
About Plug Power Inc.
Plug Power is building the hydrogen economy as the leading
provider of comprehensive hydrogen fuel cell (HFC) turnkey
solutions. The Company’s innovative technology powers electric
motors with hydrogen fuel cells amid an ongoing paradigm shift in
the power, energy, and transportation industries to address climate
change and energy security, while providing efficiency gains and
meeting sustainability goals. Plug Power created the first
commercially viable market for HFC technology. As a result, the
Company has deployed over 60,000 fuel cell systems for e-mobility,
more than anyone else in the world, and has become the largest
buyer of liquid hydrogen, having built and operated a hydrogen
highway across North America. Plug Power delivers a significant
value proposition to end-customers, including meaningful
environmental benefits, efficiency gains, fast fueling, and lower
operational costs. Plug Power’s vertically integrated GenKey
solution ties together all critical elements to power, fuel, and
provide service to customers such as Amazon, BMW, The Southern
Company, Carrefour, and Walmart. The Company is now leveraging its
know-how, modular product architecture and foundational customers
to rapidly expand into other key markets including zero-emission
on-road vehicles, robotics, and data centers.
SOURCE: PLUG POWER
MEDIA CONTACT
Kristin MonroeAllison+PartnersplugPR@allisonpr.com
Plug Power (NASDAQ:PLUG)
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