Deadline Reminder: Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Hyzon Motors Inc. f/k/a Decarbonization Plus Acquisition Corporation (HYZN) - Yahoo Finance
BENSALEM, Pa., October 06, 2021--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming November 29, 2021 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Hyzon Motors Inc. f/k/a Decarbonization Plus Acquisition Corporation ("Hyzon" or the "Company") (NASDAQ: HYZN), securities between February 9, 2021 and September 27, 2021, inclusive (the "Class Period").
Investors suffering losses on their Hyzon investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
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 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' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
source: https://finance.yahoo.com/news/deadline-reminder-law-offices-howard-150000399.html
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