(MENAFN- GlobeNewsWire - Nasdaq) NEW YORK, Oct. 04, 2021 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Hyzon Motors Inc. (f/k/a Decarbonization Plus Acquisition Corporation) (“Hyzon” or the“Company”) (NASDAQ: HYZN; HYZNW) in the United States District Court for the Western District of New York on behalf of those who purchased Hyzon securities between February 9, 2021 and September 27, 2021, both dates inclusive (the“Class Period”).
The Complaint alleges that Defendants made false and misleading statements and failed to disclose that: (i) the Company was misrepresenting the nature of its“customer” contracts and severely embellished its“deals” and“partnerships” with customers; (ii) the Company could not deliver its announced vehicles in 2021, on its stated timeline; and (iii) as a result, Defendants' public statements were materially false and/or misleading at all relevant times.
On September 28, 2021, market analyst Blue Orca Capital published a report about the Company disclosing, 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.” On this news, the Company's shares fell approximately 28%, damaging investors.
Investors who purchased or otherwise acquired shares of the Company should contact the Firm prior to the November 29, 2021 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at or .
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