Bernstein Liebhard LLP Reminds Investors of the Deadline to File a Lead Plaintiff Motion In a Securities Class Action Lawsuit Against Workhorse Group, Inc.
NEW YORK, March 15, 2021 (GLOBE NEWSWIRE) – Bernstein Liebhard, a nationally recognized investor rights law firm, is reminding investors of the deadline to file a lead plaintiff motion in a class action lawsuit filed on behalf of investors who bought or acquired the securities of Workhorse Group, Inc. (“Workhorse Group” or the “Company”) (NASDAQ: WKHS) from July 7, 2020 through February 23, 2021 (the “Class Period”). The lawsuit filed in the US District Court for the Central District of California alleges violations of the Securities Exchange Act of 1934.
If you Purchased Workhorse Group securities and / or wish to discuss your statutory rights and options Please visit Workhorse Group’s class action lawsuit or contact Matthew E. Guarnero toll-free at (877) 779-1414 or MGuarnero@bernlieb.com
In 2016, the United States Postal Service (“USPS”) launched the USPS Next Generation Delivery Vehicle (“NGDV”) project, a competitive multi-year acquisition process that replaced around 165,000 parcel delivery vehicles. The Workhorse Group was one of the companies looking to sign the NGDV contract worth approximately $ 6.3 billion.
On February 23, 2021, the USPS released a press release announcing that Oshkosh Defense had won the NGDV contract – not the Workhorse Group.
In the news, the Workhorse Group’s share price fell $ 14.88 per share, or 47%, to close at $ 16.47 on February 23, 2021. The price continued to fall in over-the-counter trading, opening at USD 14/07 on February 23, 2021, down over 50% from the previous open.
The complaint alleges that throughout the class period, Defendants made materially false and / or misleading statements and / or failed to disclose: (1) The company was merely hoping that USPS would select and have an electric vehicle as its next generation delivery vehicle no representation or indication by USPS that this was the case; (2) The company had hidden the fact that electrifying the entire USPS fleet would be impractical and astronomically expensive. and (3) as a result, Defendants’ statements about the business, operations and prospects of Workhorse Group were materially false and misleading and / or were unfounded at all relevant times.
If you want to serve as the lead plaintiff, you must transfer the court no later than May 7, 2021. A lead plaintiff is a representative party who acts on behalf of other class members in directing the dispute. Your ability to partake in a recovery does not require you to be the lead plaintiff. If you don’t take action, you may remain an absent class member.
If you Purchased Workhorse Group securities and / or wish to discuss your statutory rights and options Please visit https://www.bernlieb.com/cases/workhorsegroupinc-wkhs-shareholder-class-action-lawsuit-fraud-stock-376/apply/ or contact Matthew E. Guarnero toll-free at (877) 779-1414 or MGuarnero@bernlieb.com
Since 1993, Bernstein Liebhard LLP has collected more than $ 3.5 billion for its clients. In addition to representing individual investors, the firm has been hired by some of the country’s largest public and private pension funds to oversee their assets and litigate on their behalf. Because of its litigation success with hundreds of lawsuits and class actions, the firm has been featured on the National Law Journal’s “Hot List” thirteen times and on The Legal 500 for ten consecutive years.
LAWYER. © 2021 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The attorney responsible for this Connecticut state complaint is Michael S. Bigin. Past results do not guarantee or forecast a similar result with respect to future matters.
Matthew E. Guarnero
Bernstein Liebhard LLP