Kessler Topaz Meltzer & Check, LLP Reminds Shareholders of Deadline in Securities Fraud Class Action Lawsuit
RADNOR, Pa., April 19, 2021 / PRNewswire / – The law firm of Kessler Topaz Meltzer & Check, LLP, is reminding investors of Workhorse Group Inc. (NASDAQ: WKHS) (“Workhorse”) of the deadline for lead plaintiff in a class action lawsuit for securities fraud filed on behalf of those who bought or bought acquired workhorse securities between 7th July 2020 and February 23, 2021including (the “Class Period”).
Deadline Reminder: Investors who have purchased or acquired Workhorse securities during the class period can request no later than May 7, 2021try to be appointed as the plaintiff’s principal representative of the class. For more information or to learn how to participate in this litigation, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; per email to [email protected];; or click on https://www.ktmc.com/workhorse-group-class-action-lawsuit?utm_source=PR&utm_medium=link&utm_campaign=workhorse
Workhorse is a technology company that designs and manufactures electric vehicles. In 2016, the United States Postal Service (“USPS”) announced the USPS Next Generation Delivery Vehicle (“NGDV”) project, a competitive multi-year acquisition process to replace approximately 165,000 parcel delivery vehicles. Workhorse was one of the companies vying for the NGDV contract, which was about the value $ 6.3 billion.
The lesson begins on 7th July 2020if Workhorse Chief Financial Officer, Steve Schrader, gave an interview to a staff writer at Benzinga, a financial news publication. The interview was published in print on the Benzinga website. When asked how Workhorse generally stands out from the competition, Mr Schrader explained why Workhorse trucks are beneficial for “postal services”. The complaint alleges that throughout the classroom the defendants continued to advise that Workhorse would secure the NGDV contract.
However on February 23, 2021While the market was open, the USPS released a press release titled: US Postal Service Awards Contract Introducing Billionaire Modernization of the Postal Service Vehicle Fleet. The press release announced that Oshkosh Defense – not Workhorse – had won the lucrative NGDV contract. After the news, Workhorse’s share price fell $ 14.88 per share or 47% to close at $ 16.47 per share in the regular meeting on February 23, 2021. The share price continued to fall in after-hours trading and opened on February 24, 2021 at a price of $ 14.07, a decrease of over 50% from the previous Open.
The complaint alleges that throughout the classroom the defendants made false and / or misleading statements and / or failed to disclose: (1) Workhorse merely hoped that USPS would select an electric vehicle as the NGDV and had no assurance or advice from USPS that this was the case; (2) Workhorse had concealed the fact that, as stated by the Postmaster General in explaining the final decision not to select an electric vehicle, electrifying the entire USPS fleet would be impractical and astronomically expensive; and (3) as a result, the defendants’ public statements at all relevant times have been materially false and / or misleading.
Workhorse investors can, at the latest May 7, 2021, attempt to be appointed as the class lead plaintiff by Kessler Topaz Meltzer & Check, LLP, or other attorney, or choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the dispute. To be named lead plaintiff, the court must determine that the class member’s claim is typical of the claims of other class members and that the class member is adequately representing the class. Your ability to get involved in a recovery will not be affected by whether or not you will be the lead plaintiff.
Kessler Topaz Meltzer & Check, LLP, pursues class actions in state and federal courts across the country involving securities fraud, fiduciary violations, and other violations of federal and state law. Kessler Topaz Meltzer & Check, LLP, is a driving force behind corporate governance reform and has collected billions of dollars on behalf of institutional and individual investors The United States and all over the world. The company represents investors, consumers and whistleblowers (individuals who report fraudulent practices against the government and are involved in recovering government dollars). The complaint in this lawsuit was not filed by Kessler Topaz Meltzer & Check, LLP. Further information on Kessler Topaz Meltzer & Check, LLP can be found at www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro Jr., Esq.
Adrienne Bell, Esq.
280 Street of the King of Prussia
Radnor, PA 19087
(844) 887-9500 (toll free)
SOURCE Kessler Topaz Meltzer & Check, LLP