NEW YORK--(BUSINESS WIRE)--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.
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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.