SAN DIEGO, CA / ACCESSWIRE / December 22, 2021 / Shareholder rights law firm Robbins LLP is investigating Hyzon Motors Inc. (NASDAQ:HYZN, HYZNW) to determine whether certain Hyzon officers and directors violated securities laws and breached their fiduciary duties to the Company. Hyzon Motors Inc. purports to be the industry-leading global supplier of zero emissions hydrogen fuel cell powered commercial vehicles.
If you would like more information about Hyzon Motors Inc. misconduct, click here. All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
Hyzon Motors Inc. (HYZN) May Have Misrepresented its Customer List and Production Capabilities
On February 9, 2021, Hyzon announced a business combination with Decarbonization Plus Acquisition Corporation (NASDAQ: DCRB). The announcement touted Hyzon's supply agreements, global reach, and expansion abilities. According to a class action complaint filed on behalf of purchasers of Hyzon, between February 9, 2021 and September 27, 2021, defendants hyped the Company's vehicle orders. Specifically, on August 11, 2021, "Hyzon affirmed 2021 sales outlook, including 85 vehicles to be shipped worldwide[.]" Then, on September 9, 2021, the Company announced it would "supply up to 500 hydrogen fuel cell electric vehicles to Shanghai logistics company," with 100 vehicles delivered before the end of 2021 and the others 400 delivered in 2022.
In reality, Hyzon was misrepresenting the nature of its customer contracts and embellishing its deals and partnerships with customers. The truth was revealed on September 28, 2021, when market analyst Blue Orca Capital published a report disclosing that, among other things: (1) Hyzon's largest customer is a fake-looking Chinese shell entity formed three days before the deal was announced; (2) Hyzon's purported largest customer was a "channel partner" assisting Hyzon in marketing vehicles to retail end customers in New Zealand; and (3) Hyzon misrepresented its big-name blue chip customers and failed to adjust its revenue projections. On this news, Hyzon shares fell $2.58 per share, or 28%, to close at $6.63 per share on September 28, 2021, damaging investors.
Hyzon Motors Inc (HYZN) shareholders have legal options. If you own shares of Hyzon Motors Inc., contact us for more information. All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
Contact us to learn more:
Aaron Dumas
(800) 350-6003
[email protected]
Shareholder Information Form
About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against Hyzon Motors Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.
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SOURCE: Robbins LLP