Why Plug Power Stock Continues to Tumble Today
Plug Power (NASDAQ: PLUG) shareholders cannot catch a break.
In late February, the fuel cell company admitted that despite its reporting quarter after quarter of increases in "gross billings," its revenues actually went negative last quarter. Fast-forward one week, and the company announced it would delay filing its 10-K annual report with the SEC because it needed "additional time to complete the procedures relating to its year-end reporting process." Two weeks later, the company announced that it would have to restate about four years' worth of financial statements to correct "errors in accounting."
In total, Plug Power stock has lost 25% of its market capitalization since the bad news started rolling in, including a 3.9% drop through 12:15 p.m. EDT today.
Source Fool.com
