The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Hyzon Motors Inc. f/k/a Decarbonization Plus Acquisition Corporation (HYZN)
The Law Offices of Frank R. Cruz 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").
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 projecteddeliveries 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.
If you purchased or otherwise acquired Hyzon securities during the Class Period, you may move the Court no later than November 29, 2021 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, 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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