Hyzon Motors Inc. Class Action Lawsuit - HYZN
- Company Name
- Hyzon Motors Inc.
- Stock Symbol
- Class Period
- February 9, 2021 to September 27, 2021
- Motion Deadline
- November 29, 2021
- Western District of New York
The Hyzon Motors class action lawsuit charges Hyzon Motors Inc. f/k/a Decarbonization Plus Acquisition Corporation (NASDAQ: HYZN) and certain of its top executives with violations of the Securities Exchange Act of 1934. The Hyzon Motors class action lawsuit seeks to represent purchasers of Hyzon Motors publicly traded securities between February 9, 2021 and September 27, 2021, inclusive (the “Class Period”). The Hyzon Motors class action lawsuit was commenced on September 30, 2021 in the Western District of New York and is captioned Kauffmann v. Hyzon Motors Inc. f/k/a Decarbonization Plus Acquisition Corporation, No. 21-cv-06612.
If you wish to serve as lead plaintiff of the Hyzon Motors class action lawsuit, please provide your information by clicking here. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at email@example.com. Lead plaintiff motions for the Hyzon Motors class action lawsuit must be filed with the court no later than November 29, 2021.
CASE ALLEGATIONS: On February 9, 2021, Hyzon Motors 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.” On July 16, 2021, the merger between Decarbonization Plus Acquisition Corporation – a special purpose acquisition vehicle, also known as a “SPAC” or blank-check company – and Hyzon Motors USA Inc. f/k/a Hyzon Motors Inc. closed. On that date, Decarbonization Plus Acquisition Corporation changed its name to Hyzon Motors Inc. and on July 19, 2021, Hyzon Motors common stock began trading on NASDAQ under the ticker symbol “HYZN” and Hyzon Motors warrants began trading under the ticker symbol “HYZNW.” Before the merger, Hyzon Motors securities traded on NASDAQ under the ticker symbols “DCRBU” for Units, “DCRB” for common stock, and “DCRBW” for warrants.
The Hyzon Motors class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) Hyzon Motors was misrepresenting the nature of its “customer” contracts and severely embellished its “deals” and “partnerships” with customers; (ii) Hyzon Motors could not deliver its announced vehicles in 2021, on its stated timeline; and (iii) 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 Hyzon Motors disclosing, among other things, that: (i) “Hyzon’s Largest Customer is a Fake-Looking Chinese Shell Entity Formed 3 Days Before Deal Announced”; (ii) “Channel Checks Reveal Next Largest Customer Not Really a Customer”; and (iii) “Phantom Big-Name Customers Suggest Overstated Orders and Financial Projections.” On this news, Hyzon Motors shares fell approximately 28%, damaging investors.
Robbins Geller Rudman & Dowd LLP has launched a dedicated SPAC Task Force to protect investors in blank check companies and seek redress for corporate malfeasance. Comprised of experienced litigators, investigators, and forensic accountants, the SPAC Task Force is dedicated to rooting out and prosecuting fraud on behalf of injured SPAC investors. The rise in blank check financing poses unique risks to investors. Robbins Geller Rudman & Dowd LLP’s SPAC Task Force represents the vanguard of ensuring integrity, honesty, and justice in this rapidly developing investment arena.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Hyzon Motors securities during the Class Period to seek appointment as lead plaintiff in the Hyzon Motors class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Hyzon Motors class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Hyzon Motors class action lawsuit. An investor’s ability to share in any potential future recovery of the Hyzon Motors class action lawsuit is not dependent upon serving as lead plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 lawyers in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the largest U.S. law firm representing investors in securities class actions. Robbins Geller attorneys have obtained many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors last year, more than double the amount recovered by any other securities plaintiffs’ firm.