- September 28, 2021
- Posted by: Mainframe Consulting
- Category: Business Wire
NEW YORK–(BUSINESS WIRE)–The law firm of Kirby McInerney LLP is investigating potential claims against Hyzon Motors, Inc. (“Hyzon” or the “Company”) (NASDAQ: HYZN). The investigation concerns whether Hyzon has violated the federal securities laws and/or engaged in other unlawful business practices.
Hyzon is a hydrogen mobility company that manufactures hydrogen-powered commercial vehicles and fuel cell systems. It focuses on developing medium and heavy-duty trucks, as well as city and coach buses.
On September 28, 2021, Blue Orca Capital (“Blue Orca”), a market analyst, published a report alleging, among other things, that “[c]hannel [c]hecks reveal . . . that Hiringa was not actually a customer, but a ‘channel partner’ assisting Hyzon in marketing vehicles to real end customers in New Zealand.” Though Hyzon claims that “Hiringa will account for 24% of the Company’s projected deliveries in 2021,” the Blue Orca report alleged that “Hiringa stated point blank that no deliveries would be taken in 2021,” so Blue Orca “expect[s] a major guidance miss.” Moreover, the report also states that multiple executives left Hyzon because they “became uncomfortable with how Hyzon was presenting customer orders to investors” as it felt “[a] bit like unfortunately what Nikola was doing.” On this news, the Company’s share price declined by $2.58 per share, or approximately 28%, from $9.21 per share to close at $6.63 per share on September 28, 2021.
If you purchased or otherwise acquired Hyzon securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
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Published at Tue, 28 Sep 2021 23:26:00 +0000