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Plug Power Inc. is facing a proposed class action lawsuit alleging that it misrepresented the chances of securing a US government loan for its hydrogen production initiatives. Investor Joseph Ortolani claims that the company portrayed the loan as secure despite knowing it was contingent on technical reports and financial models.

The lawsuit highlights that the loan could only be utilized for constructing hydrogen facilities. Investors were reportedly surprised when Plug Power shifted focus to less profitable projects after announcing the suspension of activities related to the loan program.