San Francisco, Calif. – (Newsfile Corp. – Nov. 2, 2021) – Hagens Berman urges Hyzon Motors Inc. (NASDAQ: HYZN) (NASDAQ: HYZNW) (NASDAQ: DCRB) (NASDAQ: DCRBW) (NASDAQ: DCRBU) investors with significant losses, submit your losses now.
Course period: 02/09/2021 – 09/27/2021
Lead plaintiff deadline: November 29, 2021
Contact an attorney now: HYZN@hbsslaw.com
Hyzon Motors Inc. (HYZN) class action for securities fraud:
The litigation alleges that Hyzon (1) misrepresented the nature of its “customer” contracts and heavily adorned its “businesses” and “partnerships” with customers; and (2) failed to deliver its announced vehicles in 2021 on the specified schedule.
The truth emerged on September 28, 2021 when analyst Blue Orca released a scathing report comparing the company to a Chinese Lordstown Motors. According to Blue Orca, Hyzon’s largest customer, Shanghai HongYun, is a PRC front company that was formed just three days before Hyzon’s announcement that it would buy 500 trucks. Blue Orca also reported that Hyzon’s next largest customer, Hiringa, who allegedly had signed an agreement to order 1,500 trucks by 2026, informed Blue Orca that it is not a customer but merely a “channel partner” that Hyzon is marketing Vehicles supports customers in New Zealand.
Blue Orca went on to claim that: (1) Hyzons are dropping their notable customers (Coca Cola, Ikea, Heineken) from recent investor decks, suggesting that these blue-chip companies were “phantom customers”; (2) Former Hyzon executives have retired due to false information about customer contracts and the company’s ability to deliver vehicles in 2021; (3) Hyzon’s financial projections are “pure fantasy”; and (4) two CTO resignations within 15 months reflect their “little confidence in either the company or the technology (or both)”.
The story goes on
Following the news, Hyzon shares fell $ 2.58 per share, or 28%, in a single trading day.
Another analyst, Iceberg Research, recently published a separate report. In addition to agreeing with Blue Orca’s key findings, Iceberg Research claims that Hyzon’s claims about its superior fuel cell technology are exaggerated.
“We’re focusing on investor losses and proving that Hyzon lied about its customer list,” said Reed Kathrein, Hagens Berman’s lead partner on the investigation.
If you’ve invested in Hyzon or have knowledge that may aid the company’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblower: Individuals with nonpublic information about Hyzon should consider their options to help with the investigation or use the SEC’s whistleblower program. Under the new program, whistleblowers who provide original information can receive rewards totaling up to 30 percent for each successful SEC recovery. For more information, call Reed Kathrein at 844-916-0895 or send an email to HYZN@hbsslaw.com.
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