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  "documentTitle": "Plug Power Inc. (PLUG)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2019-12-19 00:00:00",
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  "notes": "Uses a combination of a Bloomberg ownership table and a historical SEC litigation release to frame the company's investor base negatively.",
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      "text": "Very few institutional investors – and almost none in size",
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      "text": "PLUG investors should interpret the lack of institutional ownership as a sign that most serious investors do not see the stock as a credible investment...",
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      "kind": "callout",
      "text": "...and when PLUG does attract institutional ownership in size, it isn't always of the highest quality...",
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      "text": "Spruce Point finds it telling that PLUG has extremely limited institutional ownership. We believe that the speculative nature of the PLUG growth story and \"path to profitability,\" combined with management's seemingly promotional attitude and history of failed promises, has eroded any credibility that PLUG might have once had among the institutional investor community.",
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      "text": "PLUG Ownership Base (Spruce Point Est.)",
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      "text": "PLUG Ownership: Dec 18, 2019",
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      "text": "PLUG Proxy Statement: May 31, 2013",
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      "text": "Poor Results And Credibility Concerns Keeping Smart Investors Away From PLUG?",
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