RADNOR, PA / ACCESSWIRE / November 2, 2021 / The law firm of Kessler Topaz Meltzer & Check, LLP announces that a 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) charging the company with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to its "customer" contracts, "deals," and "partnerships" with customers. Hyzon's illicit behavior has caused Hyzon investors to suffer significant losses as a result of the company's alleged violations of law.
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LEAD PLAINTIFF DEADLINE: November 29, 2021
CLASS PERIOD: February 9, 2021 through September 27, 2021
CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS: James Maro, Esq. (484) 270-1453 or Toll Free (844) 887-9500 or Email at info@ktmc.com
HYZON'S ALLEGED MISCONDUCT
Hyzon is a hydrogen mobility company that manufactures hydrogen-powered commercial vehicles and fuel cell systems. On February 9, 2021, Hyzon issued a press release which touted Hyzon's purported 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 stating that the company was to supply up to 500 hydrogen fuel cell electric vehicles to a Shanghai logistics company.
The truth emerged on September 28, 2021, when Blue Orca Capital revealed in a report that Hyzon's largest customer, Shanghai HongYun, is a "Fake-Looking Chinese Shell Entity Formed 3 Days Before Deal Announced," and that Hyzon's next largest customer, Hiringa Energy ("Hiringa"), is not really a Hyzon customer but rather a "channel partner" for Hyzon's vehicles. The report additionally 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.
WHAT CAN I DO?
Hyzon investors may, no later than November 29, 2021, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer& Check, LLP encourages Hyzon investors who have suffered significant losses to contact the firm directly to acquire more information.