The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Hyzon Motors Inc. f/k/a Decarbonization Plus Acquisition Corporation (HYZN) Investors
LOS ANGELES, Oct. 14, 2021 /PRNewswire/ -- The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Hyzon Motors Inc. f/k/a Decarbonization Plus Acquisition ("Hyzon" or the "Company") (NASDAQ: HYZN) securities between February 9, 2021 and September 27, 2021, inclusive (the "Class Period"). Hyzon investors have until November 29, 2021 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On September 28, 2021, Blue Orca Capital published a report alleging, among other things, that "channel checks 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 the Hyzon claims that "Hiringa will account for 24% of the Company's projected deliveries in 2021," the 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, multiple executives left Hyzon because they "became uncomfortable with how 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 fell $2.58, or 28%, to close at $6.63 per share on September 28, 2021, thereby injuring investors.
The complaint filed in this class action alleges that 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.
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If you purchased Hyzon securities during the Class Period, you may move the Court no later than November 29, 2021 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Hyzon securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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SOURCE The Law Offices of Frank R. Cruz, Los Angeles