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Plug Power to Restate Some Financial Results

Plug Power  (PLUG) – Get Report will be restating its financial results 

The company said in a news release that it will restate its financial statements for fiscal years 2018 and 2019 and its quarterly filings for 2019 and 2020, which will be disclosed in a Form 10-K with the Securities & Exchange Commission for the year ended Dec. 31, 2020.

KPMG, the company’s accounting firm, management, and the audit committee of Plug Power’s board of directors “determined that the company’s prior period financial statements need to be restated due to errors in accounting primarily related to several non-cash items.

“The accounting related to the restatement is complex and technical and involves significant judgments in how to apply U.S. GAAP, given the innovative nature of the company’s business and its leading position in a new and rapidly developing industry,” Plug Power said.

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