Kessler Topaz Meltzer & Check, LLP Reminds Investors of Securities Fraud Class Action Filed Against Hyzon Motors Inc.
The law firm of Kessler Topaz Meltzer & Check, LLP informs investors that a class action lawsuit has been filed in the United States District Court for the Western District of New York against Hyzon Motors Inc. f/k/a Decarbonization Plus Acquisition Corporation (“Decarbonization”) charging the company with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to its “customer” contracts, “deals,” and “partnerships” with customers. Hyzon’s illicit behavior has caused Hyzon investors to suffer significant losses as a result of the company’s alleged violations of law.
HYZON’S ALLEGED MISCONDUCT
Hyzon is a hydrogen mobility company that manufactures hydrogen-powered commercial vehicles and fuel cell systems. On February 9, 2021, Hyzon issued a press release which touted Hyzon’s purported deals and delivery schedule. Throughout the Class Period, Hyzon continued to tout its customer contracts, deals and partnerships, including a September 9, 2021 press release stating that the company was to supply up to 500 hydrogen fuel cell electric vehicles to a Shanghai logistics company.
The truth emerged on September 28, 2021, when Blue Orca Capital revealed in a report that Hyzon’s largest customer, Shanghai HongYun, is a “Fake-Looking Chinese Shell Entity Formed 3 Days Before Deal Announced,” and that Hyzon’s next largest customer, Hiringa Energy (“Hiringa”), is not really a Hyzon customer but rather a “channel partner” for Hyzon’s vehicles. The report additionally stated that “Hiringa will account for 24% of the [Hyzon]’s projected deliveries in 2021. Yet Hiringa stated point blank that no deliveries would be taken in 2021,” which contradicts Hyzon’s representations during the Class Period.
Following this news, Hyzon’s share price fell $2.58 per share, or 28%, to close at $6.63 per share on September 28, 2021.
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WHAT CAN I DO?
Hyzon investors may, no later than November 29, 2021, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Hyzon investors who have suffered significant losses to contact the firm directly to acquire more information.
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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