NEW YORK, NY / ACCESSWIRE / October 20, 2021 / Labaton Sucharow, a nationally ranked and award-winning shareholder rights law firm, is investigating potential violations of the federal securities laws by Hyzon Motors Inc. (NASDAQ:HYZN) resulting from allegations that Hyzon may have issued materially misleading business information to the investing public.
On September 28, 2021, market analyst Blue Orca Capital published a report regarding Hyzon which stated, among other things, that "Hyzon's Largest Customer is a Fake-Looking Chinese Shell Entity Formed 3 Days Before Deal Announced[,]" and "Channel Checks Reveal Next Largest Customer Not Really a Customer … when we channel checked these claims with Hiringa, its executive clarified that Hiringa was not actually a customer, but a 'channel partner' assisting Hyzon in marketing vehicles to real end customers in New Zealand." The Blue Orca report also stated that "According to Hyzon, Hiringa will account for 24% of the Company's projected deliveries in 2021. Yet Hiringa stated point blank that no deliveries would be taken in 2021[.]" Further, the Blue Orca report stated that "Former Executives Left in Part Because of Concerns over Misrepresentations on Customer Contracts. We spoke with one former senior executive … [h]e said he ‘didn't like the way [customer contracts] were being presented' and compared Hyzon ‘a bit like unfortunately what Nikola was doing… I was very uncomfortable with that.'"
On this news, Hyzon's shares fell sharply during intraday trading on September 28, 2021, on unusually heavy trading volume, damaging investors.
Investors who purchased the Company's securities between February 9, 2021 and September 27, 2021, inclusive (the ''Class Period''), are encouraged to contact the firm before November 29, 2021.
If you currently own stock or options in Hyzon Motors Inc. and suffered a loss, click here to participate.
If you want to receive additional information and protect your investments free of charge, please contact David J. Schwartz using the toll-free number (800) 321-0476 or via email at firstname.lastname@example.org.
About the Firm
Labaton Sucharow LLP is one of the world's leading complex litigation firms representing clients in securities, antitrust, corporate governance and shareholder rights, and consumer cybersecurity and data privacy litigation. Labaton Sucharow has been recognized for its excellence by the courts and peers, and it is consistently ranked in leading industry publications. Offices are located in New York, NY, Wilmington, DE, and Washington, D.C. More information about Labaton Sucharow is available at Labaton.com.
David J. Schwartz
SOURCE: Labaton Sucharow LLP
View source version on accesswire.com: