WKHS.US
id: 567
Workhorse (WKHS) Securities Litigation $35M Settlement
C.D. California
Court2:21-cv-02072
Case number03/10/2020
Class period Start05/10/2021
Class period End07/03/2023
Claim deadlineWorkhorse (WKHS) agreed to pay $35 million to settle a securities class action lawsuit to avoid further litigation.
$15,000,000 is to be provided in cash and the remainder is to be paid in the form of shares of Workhorse common stock.
The complaint against Workhorse and its Leaders alleged that they made false and misleading statements or failed to disclose important information, including:
- the lack of assurance from the United States Postal Service (USPS) that the company would be selected for the Next Generation Delivery Vehicle project,
- the concealment of the impractical and expensive nature of electrifying the entire USPS fleet, and
- that the statements about the company's business, operations, and prospects were materially false and misleading and lacked a reasonable basis.
Case Status
Disbursed
Alleged Offence
Misleading Statements,
Failure to Disclose,
Omissions
Suspected Party
Other
Security Type
Stocks
Trade Direction
Long
Payout per Share
0.08
Filing date
03/08/2021
Plaintiffs
Timothy M. Weis
Attorneys
Kahn Swick & Foti, LLC (New York, NY)
Defendants
Duane Hughes, Steve Schrader, Robert Willison, Gregory Ackerson
Judge
Hon. Cormac J. Carney
Administrator
KCC
Court hearing date
07/24/2023
Exclusion deadline
07/03/2023
Objection deadline
07/03/2023
Trades matching type
FIFO
+$15,000,000
Cash Settlement Amount$20,000,000
Stocks Settlement Amount