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WKHS.US
id: 567

Workhorse (WKHS) Securities Litigation $35M Settlement

C.D. California
Court
2:21-cv-02072
Case number
10 Mar 2020
Class period Start
10 May 2021
Class period End
03 Jul 2023
Claim 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:
  1. the lack of assurance from the United States Postal Service (USPS) that the company would be selected for the Next Generation Delivery Vehicle project,
  2. the concealment of the impractical and expensive nature of electrifying the entire USPS fleet, and
  3. 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
08 March 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
24 July 2023
Exclusion deadline
03 July 2023
Objection deadline
03 July 2023
Trades matching type
FIFO
+$15,000,000
Cash Settlement Amount
$20,000,000
Stocks Settlement Amount

Workhorse Group Inc

Workhorse Group Inc., a technology company, engages in design, manufacture, and sale of zero-emission commercial vehicles in the United States. The company offers commercial vehicles under the Work...

    Ticker
    WKHS.US
    ISIN
    US98138J2069
    CIK
    1425287
    Sector
    Consumer Cyclical
    Industry
    Auto Manufacturers
    Country
    USA
    Address
    3600 Park 42 Drive, Sharonville, OH, United States, 45241