Kessler Topaz Meltzer & Check, LLP Reminds Investors of Deadline for Securities Fraud Class Action Lawsuit Filed Against Workhorse Group Inc.
RADNOR, Pa .– (BUSINESS WIRE) – The law firm of Kessler Topaz Meltzer & Check, LLP, is reminding investors to Workhorse Group Inc. (NASDAQ: WKHS) (“Workhorse”) that a class action lawsuit for securities fraud has been filed on behalf of those who bought or acquired Workhorse securities have between July 7, 2020 and February 23, 2021 (including the “Class Period”).
Deadline Reminder: Investors who bought or acquired Workhorse securities during the class period may 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; by email to firstname.lastname@example.org; 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 around 165,000 parcel delivery vehicles. Workhorse was one of the companies vying for the NGDV contract, which was valued at approximately $ 6.3 billion.
The class begins on July 7, 2020 when Steve Schrader, Chief Financial Officer of Workhorse, granted an interview to an employee of Benzinga, a financial news publisher. The interview was published in print on the Benzinga website. When asked how Workhorse generally differentiates itself from the competition, Mr Schrader explained why Workhorse trucks are advantageous for “postal services”. The complaint alleges that the defendants continued to advise throughout the classroom that Workhorse would secure the NGDV contract.
On February 23, 2021, when the market was open, the USPS released a press release titled: US Postal Service Awards Contract Introducing Billionaire Upgrade to Postal Delivery Vehicle Fleet. The press release announced that Oshkosh Defense – not Workhorse – had won the lucrative NGDV contract. Following the news, Workhorse’s share price fell $ 14.88 per share, or 47%, to close at $ 16.47 per share on the February 23, 2021 regular session. The share price continued to fall in after-hours trading, opening on February 24, 2021 at a price of $ 14.07, a drop 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 no later than 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 those 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 reclaimed billions of dollars on behalf of institutional and individual investors from the US and around 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. For more information on Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.