RADNOR, PA / ACCESSWIRE / October 3, 2021 / Law Firm Kessler Topaz Meltzer & Check, LLP Announces Securities Fraud Class Action Lawsuit Has Been Filed 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 Hyzonsecurities between February 9, 2021 and September 27, 2021, inclusive (the âClass Periodâ).
Deadline reminder: Investors who purchased or acquired Hyzon securities during the recourse 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]; WhereClick on https://www.ktmc.com/hyzon-motors-class-action-lawsuit?utm_source=PR&utm_medium=link&utm_campaign=hyzon
Hyzon is a hydrogen mobility company that manufactures hydrogen powered utility 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 âHyzon Motors, the Leading Hydrogen Fuel Cell Heavy Vehicle Company, Announcements Business Combination with Decarbonization Plus Acquisition Corporation; Combined Company Expected to be Listed on Nasdaq, âwhich touted Hyzon’s offerings and delivery schedule. Throughout the Class 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 Hydrogen Fuel Cell Electric Vehicles to the Shanghai logistics company â.
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 â. The report also revealed that Hyzon’s second largest customer, Hiringa Energy (“Hiringa”), a tiny New Zealand start-up, is not really a customer. Rather, Hiringa is a âdistribution partnerâ for Hyzon vehicles. Finally, the report indicated that âHiringa will represent 24% of the [Hyzon]deliveries scheduled for 2021. Yet Hiringa has categorically stated that no deliveries will be taken in 2021, âwhich contradicts Hyzon’s statements 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 distorted the nature of his âclientâ contracts and severely embellished his “Agreements” and “partnerships” “with customers; (2) Hyzon was unable to deliver its announced vehicles in 2021, within the announced timeframe; and (3) as a result, the defendants’ public statements were materially false and / or misleading at all relevant 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)
THE SOURCE: Kessler Topaz Meltzer & Check, LLP
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