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Investing.com – Shares of Plug Power (NASDAQ:PLUG) were down 23% in Wednesday’s premarket trading, a day after the company said it would restate previously issued financial statements.
The fuel-cell company will rework financial statements for fiscal years 2018 and 2019 as well as quarterly filings for 2019 and 2020.
The revised accounting will change how the company accounts for certain transactions and items, but is not expected to impact its cash position, business operations or economics of commercial arrangements, it said in a filing.
The company continues to expect to achieve its previously stated gross billings targets of $475 million in 2021, $750 million in 2022 and $1.7 billion in 2024, the company said.
Power Plug said its accounting firm, KPMG, had not detected any misconduct.
