id: 567, Created by Stan Vick, Scout
Workhorse (WKHS) Securities Litigation $35M Settlement
How it works?
- Company agreed to settle with investors to avoid further litigation
- We prepare documents and claim payout for you
Claim deadline for this case already passed by, but we can still try and file for compensation for you
10 Mar 2020Class period Start
10 May 2021Class period End
03 Jul 2023Claim deadline
Workhorse (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.
08 March 2021
Timothy M. Weis
Kahn Swick & Foti, LLC (New York, NY)
Duane Hughes, Steve Schrader, Robert Willison, Gregory Ackerson
Hon. Cormac J. Carney
Court hearing date
24 July 2023
03 July 2023
03 July 2023
$20000000Total Settlement Amount