XL Fleet Investor Alert: Kaplan Fox Investigates Potential Securities Fraud at XL Fleet Corp.

Kaplan Fox & Kilsheimer LLP
·2 min read

NEW YORK, March 04, 2021 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of XL Fleet Corp. (“XL” or the “Company”) (NYSE: XL).

On March 3, 2021, Muddy Waters Research published a report entitled “XL Fleet Corp. (NYSE: XL): More SPAC Trash,” alleging that salespeople “were pressured to inflate their sales pipelines materially in order to mislead XL’s board and investors” and that former salespeople and other employees also told Muddy Waters that “XL misleads its customers about performance and savings; and, that due to these exaggerations, customer reorder rates are in reality quite low.” Further, Muddy Waters alleges that according to former employees “at least 18 of 33 customers XL featured were inactive.” Muddy Waters also alleges that XL has “weak technology” and that “XL’s announcement of future class 7-8 upfits seems highly promotional” because the task is “too technologically complex for XL engineers to deliver on the promised timeline.”

Following this news, XL’s stock price fell $2.09 per share, more than 13%, to close at $13.86 per share on March 3, 2021 on heavy trading volume.

If you purchased or otherwise acquired XL securities and would like to discuss our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this investigation, your rights, or your interests, please contact:

Frederic S. Fox
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(646) 315-9003
E-mail: ffox@kaplanfox.com

Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com