Plug Power stock fell 18% on accounting errors

Plug Power (PLUG.US) stock tumbled more than 18.0% after the company announced that it will restate its financial results for fiscal years 2018 and 2019, as well as some recent quarterly filings. The leading maker of hydrogen fuel cells, said it detected "errors in accounting" for "book value of right of use assets and related finance obligations," "loss accruals for certain service contracts," "impairment of certain long-lived assets," and "classification of certain costs," including costs related to research and development. Company added that it did not find any misconduct and expects that "gross billings" will rise to $475 million in 2021, $750 million in 2022, and $1.7 billion in 2024.

Plug Power (PLUG.US) - on Monday buyers failed to break above the local resistance at $48.25 and price pulled back. Stock launched today's session with a bearish price gap and broke below the major support at $37.40. If current sentiment prevails then downward move could be extended to the support at $25.49 which coincides with 200 SMA (red line). On the other hand, if buyers will manage to regain control then another upward impulse towards the upper limit of the descending channel could be launched. Source: xStation5

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Plug Power stock fell 18% on accounting errors

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