NEW YORK, Nov. 24, 2021 (GLOBE NEWSWIRE) — Bernstein Liebhard, a nationally acclaimed investor rights law firm, reminds investors of the November 29, 2021 deadline to file a lead plaintiff motion in a securities class action lawsuit filed on behalf of investors who purchased or acquired the securities of Hyzon Motors Inc. f/k/a Decarbonization Plus Acquisition Corporation (“Hyzon” or the “Company”) (NASDAQ: DCRB, HYZN) from January 23, 2021 through September 27, 2021 (the “Class Period”). The lawsuit filed in the United States District Court for the Western District of New York alleges violations of the Securities Act of 1934.
If you purchased Hyzon securities, and/or would like to discuss your legal rights and options please visit Hyzon Motors, Inc Shareholder Class Action Lawsuit visit or contact Joe Seidman toll free at (877) 779-1414 or [email protected].
According to the complaint, Hyzon, issued materially false and/or misleading statements and failed to disclose adverse facts pertaining to the Company’s business, operations, and prospects. Hyzon specifically failed to disclose to investors: (1) that Hyzon misrepresented 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 9, 2021, the Company issued a press release entitled “Hyzon Motors to supply up to 500 hydrogen fuel cell electric vehicles to Shanghai logistics company” regarding the Company’s deals and delivery schedule.
On this news, Hyzon’s stock shot up 29% on the pre-market announcement that it secured a major new deal for 500 trucks (including 100 orders in 2021) from a new Chinese customer, Shanghai HongYun.
On September 28, 2021, market analyst Blue Orca Capital published a report about the Company (the “Blue Orca Report”) that, among other things, disclosed in pertinent part, regarding the supposedly major customer appears to be just an empty shell entity.
On this news, Hyzon shares fell $2.58 per share, or 28%, to close at $6.63 per share on September 28, 2021, on unusually heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than November 29, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Hyzon securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/hyzonmotorsinc-hyzn-shareholder-class-action-lawsuit-fraud-stock-443/ or contact Joe Seidman toll free at (877) 779-1414 or [email protected].
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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