Labaton Sucharow Investigating Hyzon Motors Inc. - HYZN

Rhea-AI Summary

Labaton Sucharow is investigating Hyzon Motors (NASDAQ:HYZN) for potential violations of federal securities laws. Following an SEC filing on August 4, 2022, the company's board established a committee to investigate issues related to revenue recognition and internal controls focused on its operations in China. As a result, Hyzon announced it would miss its Form 10-Q filing deadline for June 30, 2022, with no set date for resubmission. The news led to a significant drop in share price, which fell over 39% upon market opening on August 5, 2022.

Positive

• None.

Negative

• Ongoing investigation into revenue recognition could lead to legal issues.
• Failure to file Form 10-Q on time may raise red flags for investors.
• Share price dropped over 39% following the announcement.

NEW YORK, NY / ACCESSWIRE / September 14, 2022 / Labaton Sucharow, a nationally ranked and award-winning shareholder rights law firm, announces that it is investigating Hyzon Motors Inc. ("Hyzon Motors" or the "Company") (NASDAQ:HYZN) for potential violations of the federal securities laws.

After the market closed on August 4, 2022, Hyzon Motors disclosed in a SEC filing that "the Company's Board of Directors appointed a committee of independent board members to investigate, with the assistance of independent outside counsel and other advisors, certain issues regarding revenue recognition timing and internal controls and procedures, primarily pertaining to its China operations." The Company further announced that "Due to the ongoing investigation, the Company will be unable to file its Form 10-Q for the quarter ended June 30, 2022 by August 15, 2022, the due date for filing, and does not have an anticipated filing date at this time."

Following this news, when trading of Hyzon Motors opened on August 5, 2022 the price of the shares fell sharply - over 39% in midmorning trading.

If you currently own stock or options in Hyzon Motors Inc. and suffered a loss, click here to participate.

If you want to receive additional information and protect your investments free of charge, please contact David J. Schwartz using the toll-free number (800) 321-0476 or via email at david@labaton.com.

About the Firm

Labaton Sucharow LLP is one of the world's leading complex litigation firms representing clients in securities, corporate governance and shareholder rights, consumer, and cybersecurity and data privacy litigation, as well as whistleblower representation. Labaton Sucharow has been recognized for its excellence by the courts and peers, and it is consistently ranked in leading industry publications. Offices are located in New York, NY, Wilmington, DE, and Washington, D.C. More information about Labaton Sucharow is available at labaton.com.

Contacts:

David J. Schwartz
(800) 321-0476
david@labaton.com

SOURCE: Labaton Sucharow LLP

View source version on accesswire.com:
https://www.accesswire.com/715935/Labaton-Sucharow-Investigating-Hyzon-Motors-Inc--HYZN

FAQ

What is the investigation into Hyzon Motors about?

Labaton Sucharow is investigating Hyzon Motors for potential violations of federal securities laws related to revenue recognition and internal controls, particularly concerning its China operations.

How did the market react to Hyzon Motors' announcement?

Following the announcement, Hyzon Motors' share price fell over 39% in midmorning trading on August 5, 2022.

What filing is Hyzon Motors unable to complete?

Hyzon Motors announced it would be unable to file its Form 10-Q for the quarter ended June 30, 2022, by the August 15, 2022 deadline.

Who is conducting the investigation into Hyzon Motors?

The investigation is being conducted by Labaton Sucharow, a shareholder rights law firm, alongside independent advisors and outside counsel.

What can current shareholders do if they suffered losses?

Shareholders who suffered losses can contact Labaton Sucharow for assistance and additional information regarding their rights.