Securities Class Action Investigation On Behalf Of Investors Of Hyzon Motors – HYZN Investors Who Have Suffered Financial Losses Greater Than $50,000 Encouraged To Contact Kehoe Law Firm, P.C.
Kehoe Law Firm, P.C. is investigating potential class action securities claims on behalf of investors of Hyzon Motors Inc. (“Hyzon” or the “Company”) (NASDAQ: HYZN) to determine whether Hyzon engaged in securities fraud or other unlawful business practices.
Hyzon investors should be aware that Blue Orca Capital (“Blue Orca”) issued a report stating, among other things, that Blue Orca believes that “Hyzon’s supposed major customers are a fake-looking Chinese shell company incorporated three days before the deal announcement and a tiny New Zealand startup which told [Blue Orca] they are not really a customer.”
Blue Orca also reported that “Hyzon is just a repackaging of a flailing Chinese parent company which has been trying to sell the same hydrogen fuel cells without much success for 17 years. The parent entity was delisted from the Chinese OTC exchange in early 2021 at an enterprise value of sub $200 million. Hyzon is just a worse version of this same business in SPAC form, yet trades at 10x the valuation.”
Further, Blue Orca stated that “[n]otably for a zero revenue SPAC banking on the future value of its technology to save its business, two of Hyzon’s chief technology officers have resigned in the past 15 months. The Company is only 20 months old. Ultimately, [Blue Orca] think[s] Hyzon’s parent has taken advantage of the general suspension of disbelief in financial markets to enrich insiders by repackaging an old technology in a fig leaf of misleading deal announcements and illusory customer contracts. [Emphasis in original.]
On this news, Hyzon stock traded down significantly, thereby injuring Hyzon investors.