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Why Plug Power, Enphase Energy, and Bloom Energy Dropped Monday
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The Story of Amazon s Fuel-Cell Supplier Explains This Crazy Market
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Plug Power Rocked by Accounting Errors After Its 1,400% Surge
Bloomberg 4 days ago Michael Bellusci and David R. Baker
(Bloomberg) Plug Power Inc.’s accounting errors sent shares of the fuel-cell maker plunging on Wednesday.
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The Latham, New York-based company, which soared more than 1,400% in the past year through Tuesday, tumbled about 8%. Despite the selloff, Plug Power is still up about 16% in 2021 compared with an advance of almost 6% for the S&P 500 Index. Its industry counterparts Ballard Power Systems Inc. and FuelCell Energy Inc. erased Wednesday’s losses and closed in the green.
Plug Power said it found accounting errors in results for 2018, 2019 and the first three quarters of 2020, but Chief Executive Officer Andy Marsh noted that the mistakes didn’t affect the underlying business. The disclosure was still a setback for the firm, which has struck a series of partnerships with companies such as Renault SA and South Korea�