Case Status
Active
Case Caption
In re Hyzon Motors Inc. Securities Litigation
Position
Lead Counsel
Practice Areas
Court
U.S. District Court for the Western District of New York
Judge Assigned
Hon. Charles J. Siragusa
Case Number
6:21-cv-00612-CJS
Defendant(S)
Hyzon Motors Inc. f/k/a Decarbonization Plus Acquisition Corporation
Erik Anderson
Peter Haskopoulos
Craig Knight
Mark Gordon
George Gu
Robert Tichio
Exchange
NASDAQ
Stock Symbol
HYZN
File Date
Class Period
-
Lead Plaintiff Deadline
Phone

This is a federal securities class action against Hyzon, a “SPAC”-repackaging of a flailing Chinese hydrogen-fuel-cell business, which severely embellished its “deals” and “partnerships” with customers, touted illusory customer contracts and financial projections, and attempted to disguise the demand gap for its product by making deals with fake Chinese purchasers.

The truth began to emerge on September 28, 2021, when an activist short seller revealed that Hyzon’s largest “customer,” Shanghai HongYun, was a sham Chinese entity formed three days before the deal announcement, had no capital, no physical office or salaried employees, no public corporate backers, and no verifiable business connections, and was incorporated so that Hyzon could fill its projected delivery gap and keep its stock price inflated. Similarly, this investment analyst revealed that Hyzon’s next largest “customer,” Hiringa Energy, was not really a Hyzon customer, but rather, an unpaid “channel partner” with no obligation, intention, or capability to purchase the volume of vehicles Hyzon claimed were “binding orders” in its press releases and public interviews.

In addition, the analyst revealed that Hyzon incited investor interest in its unproven vehicle retrofitting business by touting the names of big household brands like Coca-Cola, Heineken, and other Fortune 500 companies as “top tier customers” and “partners” in its pre-merger investor presentations, which were quietly dropped after other EV SPACs got into trouble for falsifying their books of business. Yet despite apparently losing its most prominent customers, supposedly accounting for $700 million in future orders from North America, Europe, and elsewhere, Hyzon’s 2021+ financial projections remained the same.

On this news, Hyzon shares fell $2.58 per share, or 28%, in a single trading day.

Then, on January 12, 2022, the company disclosed (1) that its 2021 financial results would be “materially lower than forecast revenues and margins,” and (2) it had received a subpoena from the SEC demanding information about the issues identified above.

On this news, Hyzon’s stock price dropped $1.55, or nearly 23%, in a single trading day, and continued to drop over the next five trading days.

Hagen Berman’s independent investigation, aided by an investigation firm based in China, has since corroborated the activist short seller findings on Hyzon, its business history, and its sham Chinese purchasers. Additionally, Hagens Berman’s investigation has uncovered new information evidencing the scale of the Defendants’ fraud scheme. These efforts remain ongoing. Persons in possession of inside information about Defendants’ fraud are encouraged to contact the Hagens Berman attorneys for this case immediately.

CASE TIMELINE

Third Amended Consolidated Complaint is filed

Second Amended Consolidated Complaint is filed
Consolidated Amended Class Action Complaint is filed

Hagens Berman filed the Consolidated Amended Complaint against Hyzon on March 21, 2022.

Hagens Berman is Appointed Lead Counsel

On December 14, 2021, U.S. District Judge Charles J. Siragusa appointed Hagens Berman as Lead Counsel in the case against Hyzon concerning the Company's exaggerated claims regarding its fuel cell technology.

Hagens Berman purchases advertisements on search engines, social media sites and other websites. Transmission of the information contained or available through this website is not intended to create, and receipt does not constitute, an attorney-client relationship. If you seek legal advice or representation by Hagens Berman, you must first enter a formal agreement. All information contained in any transmission is confidential and Hagens Berman agrees to protect information against unauthorized use, publication or disclosure. This site is regulated by the Washington Rules of Professional Conduct.