Shareholder alert: Hyzon Motors, inc (HYZN) officers and directors under investigation for possible false statements and unlawful conduct.
Schubert Jonckheer & Kolbe LLP is investigating potential claims on behalf of shareholders of Hyzon Motors, Inc. (NASDAQ: HYZN) relating to securities law violations and unlawful business practices.
Hyzon claims to be a leading global supplier of zero-emission, hydrogen-fuel-cell-powered heavy vehicles for the commercial vehicle market. Hyzon was formed in or about July 2021 in a de-SPAC transaction between Hyzon Motors Inc. and Decarbonization Plus Acquisition Corporation (“DPAC”).
A class action lawsuit filed in the Delaware Court of Chancery alleges that the proxy statement issued by DPAC to obtain shareholder approval of the de-SPAC transaction contained false and misleading statements about Hyzon’s projected vehicle sales and revenues. In addition, Hyzon is currently named in a securities class action lawsuit alleging that Hyzon’s largest customer is an apparent fake shell company from China.
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On August 4, 2022, Hyzon disclosed that it was investigating “certain issues regarding revenue recognition timing and internal controls and procedures, primarily pertaining to its China operations.”
Additionally, Hyzon announced that it would not be able to file its Form 10-Q for the second quarter of 2022 by the due date. Following these revelations, the stock price fell $1.71 per share, or 38.1%.
The Schubert Firm is investigating potential breaches of fiduciary duty by DPAC’s or Hyzon’s officers and directors in connection with these allegations.
If you own stock in Hyzon and wish to obtain additional information about your legal rights, please contact us today or visit our website at https://www.classactionlawyers.com/hyzon.
About Schubert Jonckheer & Kolbe LLP
Schubert Jonckheer & Kolbe represents shareholders, employees, and consumers in class actions against corporate defendants, as well as shareholders in derivative actions against their officers and directors. The firm is based in San Francisco, and with the help of co-counsel, litigates cases nationwide.
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SHAREHOLDER ALERT: Hyzon Motors, Inc. (HYZN) Officers and Directors Under Investigation for Possible False Statements and Unlawful Conduct, SAN FRANCISCO, December 6, 2022
