US green hydrogen player Plug Power has today (August 30) announced it will pay a $1.25m settlement to the US Securities and Exchange Commission (SEC) over accounting and control failures that caused the company to restate over two years of finances.
The settlement resolves charges that Plug had improperly accounted for equipment it sold and leased back, misclassified costs, and underestimated potential losses on extended maintenance contracts.
According to the SEC, between 2018 and Q3 2020, the company “failed to properly account for its right-of-use assets and lease liabilities for certain sale-leaseback transactions, failed to properly classify and present certain costs related to R&D activities as cost of revenue, and failed to properly estimate loss accruals for extended-maintenance contracts.”
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