Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against XL Fleet Corp. (XL)
THE ANGEL–(BUSINESS WIRE) – Glancy Prongay & Murray LLP (“GPM”) is reminding investors of the upcoming May 7, 2021 deadline to file lead plaintiff motion in the class action lawsuit filed on behalf of investors brought by XL Fleet Corp. (“XL” purchased or otherwise acquired Fleet ”or the“ Company ”) (NYSE: XL) securities between October 2, 2020 and March 2, 2021 inclusive (the“ Class Period ”).
If you have suffered a loss on your XL Fleet investments or would like to inquire about whether you may be able to make claims to recover your loss under federal securities laws, you can use your contact information at https://www.glancylaw.com/ cases / xl- submit. Fleet corpus /. You can also contact Charles H. Linehan of GPM at 310-201-9150, toll free at 888-773-9224, or by email at Shareholder@glancylaw.com to learn more about your rights.
On March 3, 2021, Muddy Waters Research published a report entitled “XL Fleet Corp. (NYSE: XL): More SPAC Trash, “which alleged, among other things, that sellers were pressured to significantly inflate their sales pipelines to mislead XL board members and investors” and that “customer reorder rates are due to” poor performance and regulatory issues “are actually quite low”. The report alleged, citing interviews with former employees, that “at least 18 out of 33 XL customers presented were inactive”. Muddy Waters also claimed that XL has “weak technology” and that “the announcement of future Class 7-8 upfits by XL looks very promotional” because the task “is too technologically complex for XL engineers to be as promised Adhere to the schedule ”.
In that news, the company’s share price fell $ 2.09, or 13%, to close at $ 13.86 per share on March 3, 2021 amid unusually high trading volume. The stock price fell further $ 2.69, or 19.4%, in two consecutive trading sessions, closing at $ 11.17 per share on March 5, 2021 with an unusually high trading volume.
The complaint filed in this class action alleges that throughout the collection period the defendants made materially false and / or misleading statements and did not disclose material adverse facts about the business, business and prospects of the company. Specifically, Defendants have failed to advise investors: (1) that XL Fleet salespeople have been pressured to inflate their sales pipelines to increase reported sales and order backlog for the company; (2) that at least 18 of the 33 customers presented by XL were inactive and had not placed an order since 2019; (3) that XL’s technology was vastly overrated, delivering only 5% to 10% of the fleet savings; (4) that XL lacks the supply chain and engineers to introduce new products within the advertised deadlines; and (5) that Defendants’ positive statements about the Company’s business, operations and prospects as a result of the foregoing were materially misleading and / or unfounded.
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If you have purchased or otherwise acquired XL Fleet securities during the class period, you may request the court to appoint you as the lead plaintiff in this alleged class action no later than May 7, 2021. To be a member of the class action, you do not need to take any action at this point. You can keep an attorney of your choice or you can take no action and remain an absent member of the class action. If you would like to learn more about this class action or have any questions about this announcement or your rights or interests in relation to the pending class action, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, toll free at 888-773-9224, email firstname.lastname@example.org, or visit our website at www.glancylaw.com. When inquiring by email, please include your postal address, telephone number and the number of shares purchased.
This press release may be viewed as a solicitor’s advertisement in some jurisdictions under applicable laws and ethical rules.