- September 28, 2021
- Posted by: Mainframe Consulting
- Category: Business Wire
LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz announces an investigation of Hyzon Motors Inc. (“Hyzon” or the “Company”) (NASDAQ: HYZN) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On September 28, 2021, Blue Orca Capital published a report alleging, among other things, that “channel checks 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 the Hyzon claims that “Hiringa will account for 24% of the Company’s projected deliveries in 2021,” the 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, 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 fell as much as $2.31, or 25%, during intraday trading on September 28, 2021.
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If you purchased Hyzon securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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Published at Tue, 28 Sep 2021 21:15:00 +0000