NEW YORK, Oct. 20, 2021 (GLOBE NEWSWIRE) -- Pomerantz LLP 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) and certain of its officers. The class action, filed in the United States District Court for the Western District of New York, and docketed under 21-cv-06636, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired the publicly traded securities of Hyzon between February 9, 2021 and September 27, 2021, both dates inclusive (the “Class Period”). Plaintiff seeks to recover compensable damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased publicly traded securities during the Class Period, you have until November 29, 2021 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Hyzon purports to be a leader in fuel cell electric mobility with an exclusive focus on the commercial vehicle market, and a near-term focus on back to base (captive fleet) operations.
The complaint 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 made false and/or misleading statements and/or failed to disclose 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’ 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 that, among other things, disclosed the following, in pertinent part, regarding the Company’s touted deals: [H]yzon’s Largest Customer is a Fake-Looking Chinese Shell Entity Formed 3 Days Before Deal Announced; Channel Checks Reveal Next Largest Customer Not Really a Customer; Phantom Big-Name Customers Suggest Overstated Orders and Financial 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.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980