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New York, New York--(Newsfile Corp. - March 14, 2021) - Pomerantz LLP announces that a class action lawsuit has been filed against Workhorse Group Inc. ("Workhorse" or the "Company") (NASDAQ: WKHS) and certain of its officers. The class action, filed in the United States District Court for the Central District of California, and docketed under 21-cv-02207, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Workhorse securities between July 7, 2020 and February 23, 2021, inclusive (the "Class Period"). Plaintiff seeks to recover compensable damages caused by Defendants' violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased Workhorse securities during the Class Period, you have until May 7, 2021 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at newaction@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
[Click here for information about joining the class action]
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, Defendants made materially false and misleading statements regarding the Company's business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company was merely hoping that the USPS was going to select an electric vehicle as its Next Generation Delivery Vehicle, and had no assurance or indication from USPS that this was the case; (ii) the Company 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 (iii) as a result, Defendants' public statements were materially false and/or misleading at all relevant times.