LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Workhorse Group Inc. (“Workhorse” or “the Company”) (NASDAQ: WKHS) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Workhorse submitted a bid for the United States Postal Service’s “next generation delivery vehicle” (NGDV) before the July 14, 2020, deadline. In a July 21, 2020 Benzinga article, Workhorse CFO Steve Schrader provided an update on the USPS contract. According to the article, “Schrader said he can’t discuss too much about the process at this point, but Workhorse is the only all-electric option” and Schrader reportedly stated “[w]hat I will say is our all-electric is probably the perfect vehicle for them. . .” On February 23, 2021, the USPS awarded the NGDV contract to Oshkosh Defense, which will produce vehicles that according to the USPS will “be equipped with either fuel-efficient internal combustion engines or battery electric powertrains and can be retrofitted to keep pace with advances in electric vehicle technologies.” Based on this news, shares of Workhorse fell by more than 47% on February 23, 2021.
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