BERWYN, Pa., March 12, 2021 / PRNewswire / – RM LAW, PC announces that, on behalf of any person or entity, during the year that XL Fleet Corp. (“XL Fleet” or the “Company”) (NYSE: XL) bought a class action lawsuit from October 2, 2020 by March 2, 2021including (the “Class Period”).
XL Fleet shareholders are allowed to do so at the latest May 7, 2021to move the court to appoint the lead plaintiff for the class. If you have purchased shares in XL Fleet and would like to learn more about these claims, or if you would like to discuss these matters and have questions about this announcement or your rights, please contact Richard A. Maniskas, Esquire toll free at (844) 291-9299 or to register online, click here.
The XL Fleet class action alleges that throughout the class period, defendants made false and / or misleading statements and / or failed to disclose that: (i) XL Fleet sellers were pressured to inflate their sales pipelines to target the Increase in sales and backlog reported by XL Fleet; (ii) at least 18 of the 33 customers featured by XL Fleet were inactive and had not placed an order since 2019; (iii) XL Fleet’s technology was significantly overrated, providing only 5% to 10% of the fleet savings. (iv) XL Fleet lacked the supply chain and engineers to introduce new products within the announced deadlines. and (v) as a result of the foregoing, Defendants’ positive statements about XL Fleet’s business, business and prospects were materially misleading and / or lacking a reasonable basis.
On March 3, 2021Muddy Waters Research released a report titled “XL Fleet Corp. (NYSE: XL): More SPAC Trash,” which alleged, among other things, that salespeople were pressured to inflate their sales pipelines significantly in order to mislead XL [Fleet]Board of Directors and Investors “and that” customer reorder rates are actually quite low due to “poor performance and regulatory issues”. Citing interviews with former employees, the report claimed that “at least 18 out of 33 XL customers [Fleet] Those featured were inactive. “Muddy Waters also claimed that the XL fleet 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 ” [Fleet] Engineers to keep to the promised schedule. “On the news, XL Fleet’s share price fell approximately 13%, which hurt investors.
If you are a member of the class, you can at the latest May 7, 2021, ask the court to appoint you as the lead plaintiff for the class. A lead plaintiff is a representative party who acts on behalf of other 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. In certain circumstances, one or more class members may act together as the “lead plaintiff”. However, your ability to get involved in a recovery will not be affected by whether or not you will be the lead plaintiff. You can keep RM LAW, PC, or any other lawyer of your choice to act as your attorney in this promotion.
For further information please contact RM LAW, PC (Richard A. Maniskas, Esquire) toll-free at (844) 291-9299 or by email at [email protected] or click here. For more information on class action cases in general, or to learn more about RM LAW, PC, please visit our website by clicking here.
RM LAW, PC is a national law firm for shareholders. RM LAW, PC is dedicated to protecting the interests of individual and institutional investors in shareholder lawsuits in state and federal courts across the country.
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