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RADNOR, Pa., Oct. 17, 2021 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a securities fraud class action lawsuit has been filed in the United States District Court for the Western District of New York against Hyzon Motors Inc. (“Hyzon”) (NASDAQ: HYZN) f/k/a Decarbonization Plus Acquisition Corporation (“Decarbonization”) (NASDAQ: DCRB) on behalf of those who purchased or acquired Hyzon securities between February 9, 2021 and September 27, 2021, inclusive (the “Class Period”).
Deadline Reminder: Investors who purchased or acquired Hyzon securities during the Class Period may, no later than November 29, 2021, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453; toll free at (844) 887-9500; via Email at firstname.lastname@example.org; or click here.
Hyzon is a hydrogen mobility company that manufactures hydrogen-powered commercial vehicles and fuel cell systems. It focuses on developing medium and heavy-duty trucks, as well as city and coach buses. On July 16, 2021, the merger between Decarbonization and Hyzon Motors USA Inc. f/k/a Hyzon Motors Inc. closed. On that date, Decarbonization changed its name to Hyzon Motors Inc.
The Class Period commences on February 9, 2021, when Hyzon issued a press release entitled “Hyzon Motors, the Leading Hydrogen Fuel Cell Heavy Vehicle Company, Announces Business Combination with Decarbonization Plus Acquisition Corporation; Combined Company Expected to be Listed on Nasdaq,” which touted Hyzon’s deals and delivery schedule. Throughout the Class Period, Hyzon continued to tout its customer contracts, deals and partnerships, including a September 9, 2021 press release entitled “Hyzon Motors to supply up to 500 hydrogen fuel cell electric vehicles to Shanghai logistics company.”
The truth emerged on September 28, 2021, when market analyst, Blue Orca Capital, published a report about Hyzon which disclosed that Hyzon’s largest customer, Shanghai HongYun, is a “Fake-Looking Chinese Shell Entity Formed 3 Days Before Deal Announced.” The report also disclosed that Hyzon’s next largest customer, Hiringa Energy (“Hiringa”), a tiny New Zealand startup company, is not really a customer. Rather, Hiringa is a “channel partner” for Hyzon’s vehicles. Finally, the report stated that “Hiringa will account for 24% of the [Hyzon]’s projected deliveries in 2021. Yet, Hiringa stated point blank that no deliveries would be taken in 2021,” which contradicts Hyzon’s representations during the Class Period.
Following this news, Hyzon’s share price fell $2.58 per share, or 28%, to close at $6.63 per share on September 28, 2021.
The complaint alleges that throughout the Class Period, the 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, the defendants’ public statements were materially false and/or misleading at all relevant times.
Hyzon investors may, no later than November 29, 2021, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500 (toll free)