A securities class action has been filed against Hyliion Holdings Corp. (“Hyliion” or the “Company”) (NYSE American: HYLN) and certain of its officers on behalf of investors who purchased or otherwise acquired Hyliion common stock between May 12, 2026 and June 23, 2026, inclusive (the “Class Period”).

The action, Olmeta v. Hyliion Holdings Corp. et al., Case No. 1:26-cv-02375, was filed on August 28, 2026 in the U.S. District Court for the Western District of Texas. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 10b-5.

If you acquired Hyliion common stock during the Class Period and suffered a financial loss, contact Kehoe Law Firm to discuss your legal rights without cost or obligation.

What Does the Hyliion Securities Class Action Allege?

The complaint concerns Hyliion’s statements about its commercial pipeline and a non-binding letter of intent with VFG Holdings, LLC (“VFG”) involving the potential deployment of up to 250 KARNO Cores over five years.

The complaint alleges that defendants made materially false and/or misleading statements and omitted material information concerning the credibility and commercial viability of the VFG partnership, including the basis for management’s confidence in VFG and the extent of Hyliion’s evaluation of VFG’s operational capabilities, financial resources, development experience, and ability to perform.

The VFG Partnership and Pelican Way Research Report

According to the complaint, Hyliion announced on May 12, 2026 that it and VFG had entered into a non-binding letter of intent establishing a strategic partnership focused on deploying KARNO Power Modules for next-generation data center applications. The proposed deployments represented approximately $133 million in potential revenue and roughly one-third of Hyliion’s more than $400 million in disclosed potential revenue from non-binding letters of intent.

According to the complaint, on June 23, 2026, Pelican Way Research published a report questioning the credibility of Hyliion’s commercial pipeline, particularly the VFG letter of intent. The report alleged that VFG was recently formed, appeared to have limited staffing, and lacked publicly available evidence of the operational and financial capacity to support the proposed $133 million opportunity.

According to the complaint, Hyliion’s stock price fell from $7.37 per share on June 22, 2026 to $6.10 per share on June 23, 2026, a decline of approximately 17%. The stock price then fell another $1.18 per share, or approximately 19%, to close at $4.92 per share on June 24, 2026.

Review the Hyliion Securities Class Action Complaint

Olmeta v. Hyliion Holdings Corp. et al., Case No. 1:26-cv-02375 — Class Action Complaint

Note: A separate securities class action, Draftz v. Hyliion Holdings Corp. et al., Case No. 1:26-cv-02369, was also filed in the U.S. District Court for the Western District of Texas on August 28, 2026.

Hyliion Investors: Contact Kehoe Law Firm

Investors who purchased or otherwise acquired Hyliion securities during the Class Period and suffered financial losses are encouraged to complete Kehoe Law Firm’s confidential Stockholder Information Request Form or send us a message to discuss their legal rights.

For a free, no-obligation legal evaluation, contact:

Michael Yarnoff, Esq.
(215) 792-6676, Ext. 804
[email protected]
[email protected]

Lead Plaintiff Deadline: October 27, 2026. Investors who wish to seek appointment as lead plaintiff must do so by October 27, 2026. Investors do not need to seek appointment as lead plaintiff to remain potential members of the proposed class or to be eligible to share in any potential recovery.

About Kehoe Law Firm, P.C.

Kehoe Law Firm, P.C. is a nationally recognized, plaintiff-side class action law firm representing investors, consumers, and employees in matters involving securities fraud, corporate misconduct, mergers and acquisitions, antitrust violations, whistleblower claims, data breaches, consumer fraud, employment law violations, and retirement-plan mismanagement. Its attorneys have served as lead or co-lead counsel in major securities cases, recovering more than $10 billion for institutional and individual investors.

Kehoe Law Firm’s class action legal services are provided on a contingency-fee basis, meaning plaintiffs are not responsible for attorneys’ fees or litigation expenses. Any request for attorneys’ fees and expenses will be subject to court approval.

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