Plug Power Adds to Growing List of Control Deficiencies
Hydrogen fuel cell maker discovers new deficiencies while fixing previously disclosed problems.
March 2, 2022
Plug Power (PLUG), a hydrogen fuel cell maker with ambitions beyond forklifts, has identified additional internal control deficiencies it blames on not having enough people with the appropriate expertise. While remediating previously disclosed control deficiencies, the company discovered new problems. Specifically, Plug acknowledges it lacks proper controls to account for inventory capitalization costs and fuel billings.
Though the new deficiencies create the potential for material financial misstatement, Plug revealed in its 2021 10-K it had not identified any additional misstatements other than one disclosed earlier this year:
“The control deficiency related to the accrual for loss contracts related to service resulted in a material misstatement that was corrected prior to the issuance of the 2021 consolidated financial statements included in this Form 10-K.”
Related: LIN, ATG, APD, FLUX, UGI
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