Join The Class Action Suit
Company: XL Fleet Corp.
A shareholder class action lawsuit has been filed against XL Fleet Corp. (“XL Fleet” or the “Company”) (NYSE: XL), formerly known as Pivotal Investment Corp. II (“Pivotal”) (NYSE: PIC), on behalf of investors who purchased or acquired XL or PIC securities between October 2, 2020 and March 2, 2021 (the “Class Period”).
On September 18, 2020, Pivotal, a publicly traded Special Purpose Acquisition Company, announced that it had entered into a definitive agreement to merge with XL. According to the complaint, in connection with the proposed transaction, Pivotal filed a defective Registration Statement with the SEC which contained numerous materially false and misleading statements about XL Fleet’s business, operations, and prospects. Following the filing of the Registration Statement, shares of the Company’s stock increased in value to over $32.00 per share by December 23, 2020.
On March 3, 2021, Muddy Waters published a report entitled “XL Fleet Corp. (NYSE: XL): More SPAC Trash,” alleging, among other things, that salespeople “were pressured to inflate their sales pipelines materially in order to mislead XL’s board and investors” and that “customer reorder rates are in reality quite low” due to “poor performance and regulatory issues.” Citing interviews with former employees, the report also alleged that “at least 18 of 33 customers XL featured were inactive.” Following this report, shares of the Company’s stock fell over 34% in value over the following week, to close at $10.48 per share on March 8, 2020.
XL Fleet stockholders who purchased shares of the Company’s common stock prior to October 2, 2020 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 – 1585, or by completing the information form on this page, for additional information about this action and their legal rights and options.