SAN FRANCISCO, November 15, 2021– (BUSINESS WIRE) – Hagens Berman announces that a class action lawsuit has been filed against Hyzon Motors Inc. (NASDAQ: HYZN, HYZNW, DCRB, DCRBW, DCRBU) and some of its senior staff. The company urges HYZN / DCRB investors who have suffered losses to submit your losses now to find out if they are eligible to recoup their investment losses.
Hyzon Motors Inc. (HYZN) Securities Fraud Class Action:
The class action lawsuit, filed in the United States District Court for the Western District of New York, entitled Miller v. Hyzon Motors Inc., et al., Case No.6: 21-cv-06695, is brought on behalf of all investors who have purchased or otherwise acquired ordinary shares of HYZN / DCRB during the Class Period – between January 23, 2021 and September 27, 2021 inclusive . The case seeks to recover damages caused by the defendants’ breaches of 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 senior officials Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased HYZN / DCRB shares during the appeal period, you have until November 29, 2021 to ask the court to appoint you as the lead plaintiff for the appeal. 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) distorted the nature of its “customer” contracts and severely embellished its “agreements” and “partnerships” with its customers; and (2) was unable to deliver its vehicles announced in 2021, within the announced deadlines.
The truth emerged on September 28, 2021, when the analyst Blue killer whale published a scathing report assimilating the company to a Chinese engines Lordstown. According to Blue killer whale, Hyzon’s biggest customer, Shanghai HongYun, is a bogus PRC shell company formed just 3 days before Hyzon announced its deal to buy 500 trucks. Blue killer whale also reported that Hyzon’s next biggest customer, Hiringa, which has reportedly signed an agreement to order 1,500 trucks by 2026, informed Blue killer whale that it is not a client, but simply a “distribution partner” helping Hyzon market vehicles to real end customers in New Zealand.
Blue killer whale further argued that: (1) Hyzon’s withdrawal of its big name clients (Coca Cola, Ikea, Heineken) from recent Investor Bridges suggests that these blue chip companies were “ghost clients”; (2) former Hyzon executives left due to false claims about 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 reflect their “low confidence in 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 are focusing on investor losses and proving Hyzon lied about his client list,” said Reed Kathrein, the Hagens Berman partner who is leading the investigation.
If you have invested in Hyzon or have knowledge that could help the company’s investigation, click here to discuss your legal rights with Hagens Berman.
Principal Applicant Process: The Private Securities Litigation Reform Act of 1995 allows any investor who purchased common shares of HYZN / DCRB during the period under review to seek appointment as principal plaintiff. A principal plaintiff acts on behalf of all other class members in leading the litigation. The lead applicant can select a law firm of their choice. The ability of an investor to participate in any potential future payback does not depend on whether he is a principal applicant. If you wish to serve as the Principal Complainant for the Class, you must file a petition with the Court no later than November 29, 2021, which is the first business day of the opening of the United States District Court for the Western District of New York, which is 60 days after the publication date of September 30, 2021. Any proposed class member may propose that the court sit as Principal Plaintiff through the lawyer of his choice. Members can also choose to do nothing and continue to be part of the proposed group.
Whistleblowers: Those with non-public information regarding Hyzon should consider their options to assist with the investigation or take advantage of the SEC’s whistleblower program. Under the new program, whistleblowers who provide original information can receive rewards totaling up to 30% of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or send an email to HYZN@hbsslaw.com.
About Hagens Berman
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See the source version on businesswire.com: https://www.businesswire.com/news/home/20211115006349/en/
Reed Kathrein, 844-916-0895