{"id":203988,"date":"2021-03-17T00:29:00","date_gmt":"2021-03-16T21:29:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/plug-power-to-restate-financial-statements-stock-plunges\/"},"modified":"2021-03-17T00:29:00","modified_gmt":"2021-03-16T21:29:00","slug":"plug-power-to-restate-financial-statements-stock-plunges","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/plug-power-to-restate-financial-statements-stock-plunges\/","title":{"rendered":"#\n  Plug Power to restate financial statements, stock plunges"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3d8294943b7\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3d8294943b7\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/plug-power-to-restate-financial-statements-stock-plunges\/#No_misconduct_found_fuel-cell_company_says\" >No misconduct found, fuel-cell company says<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/plug-power-to-restate-financial-statements-stock-plunges\/#Claudia_Assis\" >Claudia Assis<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#<br \/>\n  Plug Power to restate financial statements, stock plunges<br \/>\n<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"No_misconduct_found_fuel-cell_company_says\"><\/span>\n  No misconduct found, fuel-cell company says<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000201657\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       Plug Power Inc. stock fell more than 10% in the extended session Tuesday after the fuel-cell company said it will have to restate financial statements for fiscal years 2018 and 2019 as well as some recent quarterly filings. <\/p>\n<p> Plug Power<br \/>\n        PLUG,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/205453512\/composite\" class=\"negative\">-8.14%<\/bg-quote><br \/>\n       said it spotted errors in accounting mostly related to non-cash items, including how it classified some costs, which resulted in fewer research-and-development expenses and a corresponding increase in cost of revenue; the reported book value of right-of-use assets; loss accruals for certain service contracts; and impairment of some long-term assets. <\/p>\n<div class=\"paywall\">\n       It did not detect misconduct, it said. <\/p>\n<p>\u201cThe accounting related to the restatement is complex and technical and involves significant judgments in how to <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ly U.S. GAAP, given the innovative nature of the company\u2019s business and its leading position in a new and rapidly developing industry,\u201d Plug Power said in a statement.<\/p>\n<p>The company will also restate quarterly filings for 2019 and 2020.  As a result of the corrections, Plug Power will not file its form 10K by Tuesday as planned, it said. It said it will do so \u201cas soon as possible.\u201d <\/p>\n<p>\u201cThe revised accounting will change how the company accounts for certain transactions and items, but is not expected to impact the company\u2019s cash position, business operations or economics of commercial arrangements,\u201d Plug Power said.<\/p>\n<p>The company said it continues to expect to meet some of its previously stated targets, including gross billings of $475 million in 2021, $750 million in 2022 and $1.7 billion in 2024.<\/p>\n<p>Plug Power also said that at the time it released fourth-quarter and full-year 2020 results, and before the audit, no material issues were raised. After the February results and in the course of preparing the audit, however, both the company and auditor KPMG identified the issues, which did not \u201cresult from any override of controls or misconduct.\u201d<\/p>\n<p>Shares of Plug Power have gained nearly 1,450% in the past 12 months, compared with gains around 66% for the S&amp;P 500 index<br \/>\n        SPX,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210599714\/realtime\" class=\"negative\">-0.16%<\/bg-quote><br \/>\n       in the same period. <\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>      <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Claudia Assis\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Claudia_Assis\"><\/span>Claudia Assis<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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Plug&#8230;<\/p>\n","protected":false},"author":1,"featured_media":203989,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-203988","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/203988","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=203988"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/203988\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/203989"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=203988"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=203988"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=203988"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}