Labaton Sucharow Investigating Hyzon Motors Inc. - HYZN

Rhea-AI Summary

Labaton Sucharow is investigating Hyzon Motors Inc. (HYZN) for potential federal securities law violations. The investigation follows a disclosure by Hyzon on August 4, 2022, revealing that its Board of Directors appointed a committee to examine issues related to revenue recognition and internal controls, particularly concerning its operations in China. Due to this ongoing investigation, Hyzon is unable to file its Form 10-Q by the August 15 deadline, resulting in a significant share price drop of over 39% in early trading on August 5.

Positive

• None.

Negative

• Share price fell over 39% following the disclosure of the investigation.
• Inability to file Form 10-Q by the due date of August 15, 2022.

NEW YORK, NY / ACCESSWIRE / August 18, 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/712650/Labaton-Sucharow-Investigating-Hyzon-Motors-Inc--HYZN

FAQ

What investigation is Labaton Sucharow conducting on Hyzon Motors (HYZN)?

Labaton Sucharow is investigating Hyzon Motors for potential violations of federal securities laws, focusing on revenue recognition and internal controls.

Why did Hyzon Motors' stock price drop on August 5, 2022?

The stock price dropped over 39% due to the announcement of an investigation into its revenue recognition practices and the inability to file its Form 10-Q.

What issues are being investigated regarding Hyzon Motors' operations?

The investigation centers on revenue recognition timing and internal controls primarily related to Hyzon's operations in China.

When was the last date Hyzon Motors was supposed to file its quarterly report?

Hyzon Motors was due to file its Form 10-Q by August 15, 2022, but announced it would be unable to do so.

What impact does the investigation have on Hyzon Motors' investors?

The ongoing investigation and inability to file required reports may lead to significant financial losses for investors, as reflected in the sharp decline in stock price.