ADVERTISEMENT
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Hyzon Motors Inc. f/k/a Decarbonization Plus Acquisition Corporation (HYZN)

October 5, 2021 GMT

LOS ANGELES--(BUSINESS WIRE)--Oct 5, 2021--

Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming November 29, 2021 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Hyzon Motors Inc. f/k/a Decarbonization Plus Acquisition Corporation (“Hyzon” or the “Company”) (NASDAQ: HYZN ) securities between February 9, 2021 and September 27, 2021, inclusive (the “Class Period”).

ADVERTISEMENT

If you suffered a loss on your Hyzon investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/hyzon-motors-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

On September 28, 2021, Blue Orca Capital published a report alleging, among other things, that “channel checks reveal . . . that Hiringa was not actually a customer, but a ‘channel partner’ assisting Hyzon in marketing vehicles to real end customers in New Zealand.” Though the Hyzon claims that “Hiringa will account for 24% of the Company’s projected deliveries in 2021,” the report alleged that “Hiringa stated point blank that no deliveries would be taken in 2021,” so Blue Orca “expect[s] a major guidance miss.” Moreover, multiple executives left Hyzon because they “became uncomfortable with how Hyzon was presenting customer orders to investors” as it felt “a bit like unfortunately what Nikola was doing.”

On this news, the Company’s share price fell $2.58, or 28%, to close at $6.63 per share on September 28, 2021, thereby injuring investors.

ADVERTISEMENT

The complaint filed 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 failed to disclose to investors 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’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Follow us for updates on LinkedIn, Twitter, or Facebook.

If you purchased or otherwise acquired Hyzon securities during the Class Period, you may move the Court no later than November 29, 2021 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com:https://www.businesswire.com/news/home/20211005005382/en/

CONTACT: Glancy Prongay & Murray LLP, Los Angeles

Charles Linehan, 310-201-9150 or 888-773-9224

shareholders@glancylaw.com

www.glancylaw.com

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: Glancy Prongay & Murray LLP

Copyright Business Wire 2021.

PUB: 10/05/2021 01:00 PM/DISC: 10/05/2021 01:02 PM

http://www.businesswire.com/news/home/20211005005382/en