NEW YORK, October 26, 2021--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Western District of New York on behalf of those who acquired Hyzon Motors, Inc. ("Hyzon" or the "Company") (NASDAQ: HYZN) securities from February 9, 2021 through September 27, 2021 (the "Class Period"). Investors have until November 29, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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 July 16, 2021, the merger between Decarbonization Plus Acquisition Corporation ("Decarbonization") and Hyzon Motors USA Inc. f/k/a Hyzon Motors Inc. closed. On that date, Decarbonization changed its name to Hyzon Motors Inc.
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 howS 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.
The lawsuit alleges throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Hyzon was misrepresenting the nature of its "customer" contracts and severely embellished its "deals" and "partnerships" with customers; (2) Hyzon could not deliver its announced vehicles in 2021, on its stated timeline; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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 firstname.lastname@example.org, 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.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211026005959/en/