Hyzon investors may receive additional information about the case by clicking the link "Submit Your Information" above. If you are a member of the class described above, you may no later than November 29, 2021 move the Court to serve as lead plaintiff of the class, if you so choose.
Hyzon is a hydrogen mobility company that manufactures hydrogen-powered commercial vehicles and fuel cell systems. It focuses on developing medium and heavy-duty trucks, as well as city and coach buses. On July 16, 2021, the merger between Decarbonization and Hyzon Motors USA Inc. f/k/a Hyzon Motors Inc. closed. On that date, Decarbonization changed its name to Hyzon Motors Inc.
The Class Period commences on February 9, 2021, when Hyzon 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,” which touted Hyzon’s deals and delivery schedule. Throughout the Class Period, Hyzon continued to tout its customer contracts, deals and partnerships, including a September 9, 2021 press release entitled “Hyzon Motors to supply up to 500 hydrogen fuel cell electric vehicles to Shanghai logistics company.”
The truth emerged on September 28, 2021, when market analyst, Blue Orca Capital, published a report about Hyzon which disclosed that Hyzon’s largest customer, Shanghai HongYun, is a “Fake-Looking Chinese Shell Entity Formed 3 Days Before Deal Announced.” The report also disclosed that Hyzon’s next largest customer, Hiringa Energy (“Hiringa”), a tiny New Zealand startup company, is not really a customer. Rather, Hiringa is a “channel partner” for Hyzon’s vehicles. Finally, the report stated that “Hiringa will account for 24% of the [Hyzon]’s projected deliveries in 2021. Yet Hiringa stated point blank that no deliveries would be taken in 2021,” which contradicts Hyzon’s representations 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 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, the defendants’ public statements were materially false and/or misleading at all relevant times.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead 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 share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.