Wechsler Harwood Files Class Action Against Plug Power, Inc.

Business Editors, Legal Writers

NEW YORK--(BUSINESS WIRE)--September 21, 2000

Wechsler Harwood Halebian & Feffer has filed a securities class action lawsuit in the United States District Court for the Eastern District of New York on behalf of all investors who bought common stock of Plug Power, Inc. (Nasdaq: PLUG) in its initial public offering or in the period from January 7, 2000 to August 2, 2000, inclusive (the "Class Period"). In order to better enable Wechsler Harwood to respond the needs of Plug Power shareholders, Wechsler Harwood has established a dedicated mailbox at [e-mail] and a toll free shareholder hotline at [phone].

The complaint alleges against defendants Plug Power Inc., Gary Mittleman, Manmohan Dahar and Louis R. Tompson violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by issuing a series of material misrepresentations to the market between January 7, 2000 and August 2, 2000, thereby inflating the price of PLUG stock. In February 1999, PLUG partnered with General Electric and formed GE Fuel Cell Systems LLC, which was dedicated to providing marketing, distribution, service and installation and maintenance of residential fuel cells through GE's global network. The complaint alleges that PLUG failed to disclose that PLUG was unable to produce fuel cells in conformance with the contractual specifications in the GE contract and that, as a result, the Company's relationship with GE was subject to increased risk and uncertainty and GE would be able to terminate its agreement with PLUG without having to purchase PLUG fuel cells.

As alleged in the complaint, on August 2, 2000, PLUG issued a press release disclosing (i) that it would cut its fuel cell systems manufacturing schedule from 2000 to 125 for the year, thus demonstrating, contrary to its previous representations, that it was just an R&D shop with a potential product the commercial development of which was a distant hope; (ii) that it would have operating losses which would continue through the year 2003; and (iii) that PLUG's fuel cells would not become commercially available until 2002 at the earliest Upon news of these revelations, PLUG's stock declined by more than $12 per share to close at $39.50 per share. Prior to the disclosure of the true facts about the Company, certain PLUG insiders sold their personally-held PLUG common stock to the public, generating proceeds of $9 million.

If you bought the securities of PLUG between January 7, 2000 and August 2, 2000, you may, no later than November 13, 2000, request that the Court appoint you as lead plaintiff. Strong shareholder support is crucial to the successful litigation of this case by Wechsler Harwood.

Wechsler Harwood Halebian & Feffer LLP, has extensive experience representing investors in class actions and has successfully recovered hundreds of millions of dollars for defrauded investors. The reputation and expertise of the firm in investor and other class action litigation has been repeatedly recognized by the courts, which have appointed the firm to major positions in complex class action litigations.

If you would like to discuss this action or have any questions concerning this notice or your rights or interests with respect to this matter, please contact the following: