SAN FRANCISCO--(BUSINESS WIRE)--$HYZN #attorney--Hagens Berman announces that a class action lawsuit has been filed against Hyzon Motors Inc. (NASDAQ: HYZN, HYZNW, DCRB, DCRBW, DCRBU) and certain of its senior executives. The firm urges HYZN/DCRB investors who have suffered losses to submit your losses now to learn if they qualify to recover their investment losses.
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Class Period: |
Jan. 23, 2021 – Sept. 27, 2021 |
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Lead Plaintiff Deadline: |
Nov. 29, 2021 |
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844-916-0895 |
Hyzon Motors Inc. (HYZN) Securities Fraud Class Action:
The class action, filed in the United States District Court for the Western District of New York, titled Miller v. Hyzon Motors Inc., et al., Case No. 6:21-cv-06695, is brought on behalf of all investors who purchased or otherwise acquired HYZN/DCRB common stock during the Class Period – between January 23, 2021 and September 27, 2021, inclusive. The case seeks to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased HYZN/DCRB shares during the class period, you have until Nov. 29, 2021, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained here. Click here to discuss your legal rights with Hagens Berman.
The litigation alleges that Hyzon (1) misrepresented the nature of its “customer” contracts and severely embellished its “deals” and “partnerships” with customers; and (2) could not deliver its announced vehicles in 2021, on its stated timeline.
The truth emerged on Sept. 28, 2021, when analyst Blue Orca published a scathing report likening the company to a Chinese Lordstown Motors. According to Blue Orca, Hyzon’s largest customer, Shanghai HongYun, is a fake-looking PRC shell company formed just 3 days before Hyzon announced that it had agreed to purchase 500 trucks. Blue Orca also reported that Hyzon’s next largest customer, Hiringa, which supposedly had signed an agreement to order 1,500 trucks by 2026, informed Blue Orca that it is not a customer, but merely a “channel partner” assisting Hyzon in marketing vehicles to real end customers in New Zealand.
Blue Orca further contended that: (1) Hyzon’s dropping of its big-name customers (Coca Cola, Ikea, Heineken) from recent investor decks suggests these blue chip companies were “phantom customers;” (2) former Hyzon executives departed because of misrepresentations on customer contracts and the company’s ability to deliver vehicles in 2021; (3) Hyzon’s financial projections are “pure fantasy”; and (4) two CTO resignations in 15 months reflects their “little faith in either the Company or the technology (or both).”
On this news, Hyzon shares fell $2.58 per share, or 28%, in a single trading day.
“We’re focused on investors’ losses and proving Hyzon lied about its roster of customers,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Hyzon, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Lead Plaintiff Process: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased HYZN/DCRB common stock during the Class Period to seek appointment as lead plaintiff. A lead plaintiff acts on behalf of all other class members in directing the litigation. The lead plaintiff can select a law firm of its choice. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff. If you wish to serve as Lead Plaintiff for the Class, you must file a motion with the Court no later than Nov. 29, 2021, which is the first business day on which the U.S. District Court for the Western District of New York is open that is 60 days after the publication date of Sept. 30, 2021. Any member of the proposed Class may move the Court to serve as Lead Plaintiff through counsel of their choice. Members may also choose to do nothing and remain part of the proposed Class.
Whistleblowers: Persons with non-public information regarding Hyzon should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email HYZN@hbsslaw.com.
Hagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contacts
Reed Kathrein, 844-916-0895
