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Radnor, Pennsylvania--(Newsfile Corp. - March 30, 2021) - The law firm of Kessler Topaz Meltzer & Check, LLP reminds investors that a securities fraud class action lawsuit has been filed against Workhorse Group Inc. (NASDAQ: WKHS) ("Workhorse") on behalf of those who purchased or acquired Workhorse securities between July 7, 2020 and February 23, 2021, inclusive (the "Class Period").
Investor Deadline: Investors who purchased or acquired Workhorse securities during the Class Period may, no later than May 7, 2021, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; via e-mail at info@ktmc.com; or click https://www.ktmc.com/workhorse-group-class-action-lawsuit?utm_source=PR&utm_medium=link&utm_campaign=workhorse.
Workhorse is a technology company engaged in the development and manufacturing of electric delivery vehicles. In 2016, the United States Postal Service ("USPS") announced the USPS Next Generation Delivery Vehicle ("NGDV") project, a competitive multiyear acquisition process for replacing approximately 165,000 package delivery vehicles. Workhorse was one of the companies vying for the NGDV contract, which was thought to be worth approximately $6.3 billion.
The complaint alleges that throughout the Class Period, the defendants continued to indicate that Workhorse would secure the NGDV contract.
However, on February 23, 2021, while the market was open, the USPS issued a press release entitled: U.S. Postal Service Awards Contract to Launch Multi-Billion-Dollar Modernization of Postal Delivery Vehicle Fleet. The press release announced that Oshkosh Defense - not Workhorse - had won the lucrative NGDV contract.
The complaint alleges that, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) Workhorse was merely hoping that USPS was going to select an electric vehicle as its NGDV, and had no assurance or indication from USPS that this was the case; (2) Workhorse had concealed the fact that - as revealed by the postmaster general in explaining the ultimate decision not to select an electric vehicle - electrifying the USPS's entire fleet would be impractical and astronomically expensive; and (3) as a result, the defendants' public statements were materially false and/or misleading at all relevant times.