Kessler Topaz Meltzer & Check, LLP
RADNOR, Pa., Oct. 9, 2021 (GLOBE NEWSWIRE) – Law firm Kessler Topaz Meltzer & Check, LLP announces that a securities fraud class action lawsuit has been filed in United States District Court for the Western District of New York v Hyzon Motors Inc. (“Hyzon”) (NASDAQ: HYZN) f / k / a Decarbonization Plus Acquisition Corporation (“Decarbonization”) (NASDAQ: DCRB) (“Hyzon”) on behalf of those who have purchased or acquired Hyzon securities between February 9, 2021 and September 27, 2021, inclusive (the “Class Period”).
Deadline reminder: investors who bought or acquired Hyzon shares during the Class Action Period may, no later than November 29, 2021, seek to be appointed as principal applicant representative of the group. For more information or to find out how to participate in this dispute, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453; toll free at (844) 887-9500; by e-mail to [email protected]; Where Click here.
Hyzon is a hydrogen-powered mobility company that manufactures hydrogen-powered commercial vehicles and fuel cell systems. It focuses on the development of medium and heavy trucks, as well as city buses and coaches. On July 16, 2021, the merger between Decarbonization and Hyzon Motors USA Inc. f / k / a Hyzon Motors Inc. was completed. On that date, Decarbonization changed its name to Hyzon Motors Inc.
The Class Period begins on February 9, 2021, when Hyzon issued a press release entitled “Hyzon Motors, Leading Hydrogen Fuel Cell Heavy Vehicle Company Announces Business Combination with Decarbonization Plus Acquisition Corporation; The combined company is expected to be listed on Nasdaq, ”which touted Hyzon’s offerings and delivery schedule. Throughout the litigation period, Hyzon continued to tout its customer contracts, agreements and partnerships, including a September 9, 2021 press release titled “Hyzon Motors to Supply Up to 500 Fuel Cell Electric Vehicles hydrogen to the Shanghai logistics company ”.
The truth emerged on September 28, 2021, when market analyst Blue Orca Capital released a report on Hyzon that revealed Hyzon’s biggest customer Shanghai HongYun was a “fake Chinese Shell entity formed 3 days ago. before the announcement of the agreement ”. The report also revealed that Hyzon’s next biggest customer, Hiringa Energy (“Hiringa”), a tiny New Zealand start-up, is not really a customer. Rather, Hiringa is a “distribution partner” for Hyzon vehicles. Finally, the report indicated that “Hiringa will represent 24% of the [Hyzon]deliveries scheduled for 2021. Yet Hiringa has categorically stated that no deliveries will be taken in 2021, ”which contradicts Hyzon’s statements during the Claim 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 distorted the nature of his “client” contracts and severely embellished his “Agreements” and “partnerships” “with customers; (2) Hyzon was unable to deliver its vehicles announced in 2021, within the announced deadlines; and (3) accordingly, the defendants’ public statements were materially false and / or misleading at all material times.
Hyzon investors can, no later than November 29, 2021, seek to be appointed as the principal representative of class claimants through Kessler Topaz Meltzer & Check, LLP or another lawyer, or may choose to do nothing and remain an absent member of the class. A principal plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be named the Principal 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 participate in any recovery is not affected by the decision whether or not to serve as the principal applicant.
Kessler Topaz Meltzer & Check, LLP pursues class actions in state and federal courts across the country relating to securities fraud, breach of fiduciary duty, and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force in corporate governance reform and has raised billions of dollars on behalf of institutional and individual investors in the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and participate in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information on Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
280 route du Roi de Prussia
Radnor, Pennsylvania 19087
(844) 887-9500 (toll free)