SAN
FRANCISCO, Dec. 6, 2022 /PRNewswire/ -- Schubert
Jonckheer & Kolbe LLP is investigating potential claims on
behalf of shareholders of Hyzon Motors, Inc. (NASDAQ: HYZN)
relating to securities law violations and unlawful business
practices.
Hyzon claims to be a leading global supplier of zero-emission,
hydrogen-fuel-cell-powered heavy vehicles for the commercial
vehicle market. Hyzon was formed in or about July 2021 in a de-SPAC transaction between Hyzon
Motors Inc. and Decarbonization Plus Acquisition Corporation
("DPAC"). A class action lawsuit filed in the Delaware Court of Chancery alleges that the
proxy statement issued by DPAC to obtain shareholder approval of
the de-SPAC transaction contained false and misleading statements
about Hyzon's projected vehicle sales and revenues. In addition,
Hyzon is currently named in a securities class action lawsuit
alleging that Hyzon's largest customer is an apparent fake shell
company from China. On
August 4, 2022, Hyzon disclosed that
it was investigating "certain issues regarding revenue recognition
timing and internal controls and procedures, primarily pertaining
to its China operations."
Additionally, Hyzon announced that it would not be able to file its
Form 10-Q for the second quarter of 2022 by the due date. Following
these revelations, the stock price fell $1.71 per share, or 38.1%.
The Schubert Firm is investigating potential breaches of
fiduciary duty by DPAC's or Hyzon's officers and directors in
connection with these allegations.
If you own stock in Hyzon and wish to obtain additional
information about your legal rights, please contact us today or
visit our website at
https://www.classactionlawyers.com/hyzon.
About Schubert Jonckheer & Kolbe LLP
Schubert
Jonckheer & Kolbe represents shareholders, employees, and
consumers in class actions against corporate defendants, as well as
shareholders in derivative actions against their officers and
directors. The firm is based in San
Francisco, and with the help of co-counsel, litigates cases
nationwide.
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SOURCE Schubert Jonckheer & Kolbe LLP