HYZON INVESTOR ALERT – Securities Class Action Lawsuit Filed – Kehoe Law Firm, P.C. Securities Investigation
Kehoe Law Firm, P.C.
Investors Who Acquired Hyzon Securities Between February 9, 2021 and September 27, 2021 With Losses Greater Than $50,000 Encouraged To Contact Kehoe Law Firm
PHILADELPHIA, PA, USA, September 30, 2021 /EINPresswire.com/ — Kehoe Law Firm, P.C. is investigating potential class action securities claims on behalf of investors of Hyzon Motors Inc. (“Hyzon” or the “Company”) (NASDAQ: HYZN) to determine whether Hyzon engaged in securities fraud or other unlawful business practices.
Hyzon investors should be aware that on September 30, 2021, a class action lawsuit (6:21-cv-06612) was filed on behalf of a class of all persons and entities other than the Hyzon Defendants who purchased, or otherwise acquired, the publicly-traded securities of Hyzon between February 9, 2021 and September 27, 2021, both dates inclusive (the “Class Period”). The class action lawsuit seeks to recover compensable damages caused by the Hyzon Defendants’ alleged violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
According to the class action complaint, Hyzon made materially false and/or misleading statements, because they misrepresented and failed to disclose the following adverse facts pertaining to the Company’s business, operational and financial results, which were known to the Hyzon Defendants or recklessly disregarded by them. Specifically, the complaint alleges that the Hyzon Defendants made false and/or misleading statements and/or failed to disclose 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, the Hyzon Defendants’ public statements were materially false and/or misleading at all relevant times.
Hyzon investors should be aware that Blue Orca Capital (“Blue Orca”) issued a report stating, among other things, that Blue Orca believes that “Hyzon’s supposed major customers are a fake-looking Chinese shell company incorporated three days before the deal announcement and a tiny New Zealand startup which told [Blue Orca] they are not really a customer.”
Blue Orca also reported that “Hyzon is just a repackaging of a flailing Chinese parent company which has been trying to sell the same hydrogen fuel cells without much success for 17 years. The parent entity was delisted from the Chinese OTC exchange in early 2021 at an enterprise value of sub $200 million. Hyzon is just a worse version of this same business in SPAC form, yet trades at 10x the valuation.”
On this news, Hyzon stock traded down significantly, thereby injuring Hyzon investors.
HYZON INVESTORS WHO HAVE SUFFERED LOSSES GREATER THAN $50,000 ARE ENCOURAGED TO CONTACT MICHAEL YARNOFF, ESQ., (215) 792-6676, EXT. 804, MYARNOFF@KEHOELAWFIRM.COM, INFO@KEHOELAWFIRM.COM, TO DISCUSS THE CLASS ACTION INVESTIGATION OR POTENTIAL LEGAL CLAIMS.
Kehoe Law Firm, P.C., with offices in New York and Philadelphia, is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors from securities fraud, breaches of fiduciary duties, and corporate misconduct. Combined, the partners at Kehoe Law Firm have served as Lead Counsel or Co-Lead Counsel in cases that have recovered more than $10 billion on behalf of institutional and individual investors.
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Michael Yarnoff, Esq.
Kehoe Law Firm, P.C.
+12157926676, Ext. 804