Plug Power Confronts Fraud Lawsuits Amid CEO Transition and DOE Loan Uncertainty

Feb 22, 2026 (11 hr ago)

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Multiple class-action lawsuits allege securities fraud regarding the DOE loan, coinciding with the departure of the long-time CEO.

Major Legal Challenges and DOE Loan Scrutiny

Class-action lawsuits allege the company misled investors about securing the $1.66 billion DOE loan and achieving hydrogen expansion goals1, 3
One suit specifically claims Plug Power materially overstated the likelihood of receiving funds from the DOE Loan Program Office3
Lawsuits also allege that building all six planned hydrogen plants was less achievable than publicly stated1
Activities related to the $1.66 billion DOE loan guarantee have been suspended by the company3, 4

CEO and President Andrew Marsh, in his role since 2008, is stepping down in March to become Executive Chairman4
Jose Luis Crespo will assume the role of CEO, tasked with steering the company toward profitability4

Shareholders approved doubling the authorized common shares from 1.5 billion to 3.0 billion, introducing a risk of dilution for existing equity holders2, 4
This share expansion provides management greater flexibility for capital raising or balance sheet restructuring2

The company successfully completed the first hydrogen fill of Hynetwork's 32-kilometer pipeline in Rotterdam, Netherlands1
The new CEO will seek clarity on restructuring timelines from the upcoming Form 10-K filing next month4