Class Action Lawsuit Filed Against Hyliion Holdings Corp.
A class action lawsuit has been filed against Hyliion Holdings Corp. (NYSE: HYLN) by Pomerantz LLP, alleging potential securities fraud or other unlawful business practices involving the company and certain officers or directors. Investors who purchased shares during a specified period are advised to contact the firm for more information. The lawsuit follows a June 23 report from Pelican Way Research questioning Hyliion's non-binding letter of intent with VFG Holdings, which accounted for roughly one-third of its reported $400 million pipeline. The report raised concerns about VFG’s lack of financial or operational substance to support the deal size. On this news, Hyliion's stock dropped 17.2% on June 23, closing at $6.10 per share.
Tickers: $HYLN