Cases & investigations

Cases & investigations

Hyzon Motors Inc.

A shareholder class action complaint has been filed against Hyzon Motors Inc. (“Hyzon”) (NASDAQ: HYZN) f/k/a Decarbonization Plus Acquisition Corporation (“Decarbonization”) (NASDAQ: DCRB), on behalf of investors who purchased or acquired Hyzon securities between February 9, 2021 and September 27, 2021, inclusive (the “Class Period”).

Hyzon is a hydrogen mobility company that manufactures hydrogen-powered commercial vehicles and fuel cell systems. It focuses on developing medium and heavy-duty trucks, as well as city and coach buses. On July 16, 2021, the merger between Decarbonization and Hyzon Motors USA Inc. f/k/a Hyzon Motors Inc. closed. On that date, Decarbonization changed its name to Hyzon Motors Inc.

On September 28, 2021, market analyst Blue Orca Capital published a report about Hyzon which disclosed that Hyzon’s largest customer, Shanghai HongYun, is a “Fake-Looking Chinese Shell Entity Formed 3 Days Before Deal Announced.” The report also disclosed that Hyzon’s next largest customer, Hiringa Energy (“Hiringa”), a tiny New Zealand startup company, is not really a customer. Rather, Hiringa is a “channel partner” for Hyzon’s vehicles. Finally, the report 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.

IMPORTANT DEADLINE:  Investors who purchased Hyzon’s securities during the Class Period may, no later than November 29, 2021, seek to be appointed as a lead plaintiff representative in the action.

Hyzon investors who suffered an investment loss in excess of $100,000 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 the opportunity to actively participate in the action as a lead plaintiff representative.

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