Governance & Derivative
Hyzon Motors Inc. (NasdaqGS: HYZN)
Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Hyzon Motors Inc. (NasdaqGS: HYZN).
On September 28, 2021, market analyst Blue Orca Capital reported, among other things, that: (i) “Hyzon’s Largest Customer is a Fake-Looking Chinese Shell Entity Formed 3 Days Before Deal Announced”; (ii) “Channel Checks Reveal Next Largest Customer Not Really a Customer”; and (iii) “Phantom Big-Name Customers Suggest Overstated Orders and Financial Projections.” Then, in August 2022, the Company disclosed operational inefficiencies at Hyzon Motors Europe B.V., which would have a material adverse effect on its ability to produce and sell vehicles, that it was investigating “certain issues regarding revenue recognition timing and internal controls and procedures, primarily pertaining to its China operations,” and that it would not be able to file its Form 10-Q for the second quarter of 2022 on time.
Thereafter, the Company and certain of its executives were also sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period in violation of federal securities laws, which remains pending.
KSF’s investigation is focusing on whether Hyzon’s officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Hyzon shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-833-938-0905 or email KSF Managing Partner Lewis Kahn (firstname.lastname@example.org), or fill out the form on this page.