Why Plug Power Stock Sank in September
Plug Power (NASDAQ: PLUG) stock is in free fall. After losing more than one-third of its value in August, shares of the hydrogen fuel cell maker slumped by another 10.2% in September, according to data provided by S&P Global Market Intelligence.
If the August decline was tied to a bad quarterly earnings report, it was an ongoing investigation by the Securities and Exchange Commission (SEC) that spooked investors in the hydrogen stock last month.
In March 2021, Plug Power announced that it would restate its previously issued financial statements for the fiscal years 2018 and 2019, as well as its quarterly filings for 2019 and 2020, because of several accounting errors. That led to an investigation by the SEC, and it's only now that Plug Power has settled the matter. However, it isn't over just yet.
Source Fool.com
