Philadelphia, Pennsylvania--(Newsfile Corp. - October 28, 2021) - Berger Montague is investigating securities fraud allegations against Hyzon Motors, Inc. ("Hyzon" or the "Company"). The Firm is investigating these claims on behalf of investors who purchased Hyzon securities (NASDAQ: HYZN) (NASDAQ: DCRB) between February 9, 2021 and September 27, 2021 (the "Class Period")
If you purchased Hyzon securities during the Class Period, would like to discuss Berger Montague's investigation, or have questions concerning your rights or interests, please contact attorneys Andrew Abramowitz at email@example.com or (215) 875-3015, or Michael Dell'Angelo at firstname.lastname@example.org or (215) 875-3080 or visit our website at https://bergermontague.com/cases/hyzon-motors-stock-berger-montague-investigates-securities-fraud/.
Whistleblowers: Anyone with non-public information regarding Hyzon is encouraged to confidentially assist Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
Hyzon, based in Honeoye, New York, manufactures hydrogen-powered commercial vehicles and fuel cell systems. It focuses on developing medium- and heavy-duty trucks, as well as buses.
Berger Montague's investigation focuses on a report published by market analyst Blue Orca Capital on September 28, 2021, which called into question the customer contracts, partnerships, and delivery timelines touted by the Company during the Class Period. The report stated, among other things, that "Hyzon's Largest Customer is a Fake-Looking Chinese Shell Entity Formed 3 Days Before Deal Announced[,]" and that "Channel Checks Reveal Next Largest Customer Not Really a Customer."
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 $2.58 per share, approximately 28%, to close at $6.63 on September 28, 2021.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Andrew Abramowitz, Senior Counsel
Michael Dell'Angelo, Managing Shareholder
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