Sign In
Step 1
Unite with Fellow Investors
Step 2
Choose the Best Attorney
Step 3
Provide Documents
Step 4
Follow Case Progress
Step 5
Get Payout
HYZN.US
id: 116

Hyson Motors (HYZN) Sales Misrepresenting Case

  • In August 2022, Hyson reported that some financial statements should no longer be relied upon.
  • $HYZN plunged 38% and lost $423M of its capitalization, seriously damaging investors.
  • In September 2023, The SEC reached a $25M+ settlement with Hyzon and its executives accused of misrepresenting sales.
  • Investors may have reasons to suspect Hyson of misleading shareholders about the true operational and financial results
On August 4, 2022, Hyson Motors (HYZN) filed with the SEC a report which stated that:
  • "the Audit Committee of the Board of Directors of the Company, based on the recommendation of management, determined that the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, and Quarterly Report on Form 10-Q for the period ended March 31, 2022, should no longer be relied upon;
  • the Company has determined to withdraw all financial and operational guidance it has previously issued for all periods, including for the year ended December 31, 2022, and subsequent years;
  • 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 has identified operational inefficiencies at Hyzon Motors Europe B.V. which will have a material adverse effect on the Company’s ability to produce and sell vehicles. As a result, the Company has determined to restructure its European operations.”
On this news, $HYZN plunged 38% and lost $423 million of its capitalization, seriously damaging investors.

On September 27, 2023, The SEC announced it reached an over $25 million settlement with Hyzon and some of its executives accused of misrepresenting sales to boost $HYZN's valuation amid its merger with a SPAC.

Taking all facts into account, Investors have reasons to suspect Hyson and its executives of misleading shareholders about the true operational and financial results of the business.
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Service Provider
Security Type
Stocks
Trade Direction
Long
Shock Event Date
05 August 2022
Collecting participants…

Hyzon Motors Inc

Hyzon Motors Inc. provides decarbonized solutions for commercial vehicle market and hydrogen supply infrastructure. The company commercializes its proprietary fuel cell technology through assemblin...

    Ticker
    HYZN.US
    ISIN
    US44951Y1029
    CIK
    1716583
    Sector
    Consumer Cyclical
    Industry
    Auto Parts
    Country
    USA
    Address
    475 Quaker Meeting House Road, Honeoye Falls, NY, United States, 14472