Investing
SEC fines Plug Power for reporting, accounting failures
© Reuters.
(Reuters) – Plug Power (NASDAQ:), a provider of green hydrogen and hydrogen fuel cell systems, agreed to pay a $1.25 million civil fine to settle U.S. Securities and Exchange Commission charges over financial reporting, accounting and control failures that required a multi-year restatement.
In a statement on Wednesday, the SEC said Plug Power could face another $5 million fine if it fails within one year to fully address a material weakness in its internal controls over financial reporting and ineffective disclosure controls.
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