Jim Cramer on Plug Power's stock drop: 'I still long-term believe in it'

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Shares of Plug Power dropped more than 15% during premarket trading on Wednesday after the company said it will restate financial results following accounting errors. CNBC's Jim Cramer weighs in on what he thinks of the stock. Subscribe to CNBC PRO for access to investor and analyst insights:

Shares of Plug Power dropped more than 16% on Wednesday after the company said it will restate financial results following accounting errors.

In a filing with the Securities and Exchange Commission on Tuesday evening, the fuel cell maker said it will restate financial statements for fiscal years 2018 and 2019, as well as quarterly filings for 2019 and 2020.

The company said the accounting errors are primarily related to areas including the impairment of certain long-lived assets, as well as loss accruals for certain service contracts.

“There is no expected impact to our cash position, business operations or economics of commercial arrangements,” Plug Power said in the filing, adding that the review did not find any misconduct.

The company said no issues were raised ahead of its fourth quarter 2020 and year-end preliminary results, which were announced on Feb. 25. The filing added that the updated results will be made public as soon as possible, but did not give a specific date.

The Latham, New York-based company has been a popular name among retail investors, and has been the subject of discussion on Reddit’s WallStreetBets forum.

Shares of the company, which went public in 1999, soared more than 970% in 2020. The strength continued into 2021, and the stock hit an intraday high of $ on Jan. 26 — its highest level in at least a decade.

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