WORKHORSE GROUP ALERT: Bragar Eagel & Squire, P.C. Announces That a Class Action Lawsuit Has Been Filed Against Workhorse Group, Inc. and Encourages Investors With Losses in Excess of $100,000 to Contact the Firm
NEW YORK–(BUSINESS WIRE) – Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, announces a class action lawsuit has been filed in the US District Court for the Central District of California on behalf of investors who have bought Workhorse Group, Inc. (NASDAQ: WKHS) securities between July 7, 2020 and February 23, 2021 inclusive (the “Class Period”). Investors have until May 7, 2021 to apply to the court for appointment as the lead plaintiff in the lawsuit.
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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.
On February 23, 2021, while the market was open, the USPS released a press release entitled: US Postal Service Awards Contract Introducing a Billion Dollar Modernization of the Postal Service Vehicle Fleet. The press release announced that Oshkosh Defense – not Workhorse – had won the lucrative NGDV contract.
In that news, Workhorse’s securities fell $ 14.88 per share, or 47%, to close at $ 16.47 on the February 23, 2021 regular session. The price continued to fall in over-the-counter trading, opening on February 24, 2021 at a price of $ 14.07, a decrease of over 50% from previous open, harmful investors.
The complaint, filed on March 8, 2021, alleges that throughout the class period, defendants made false and / or misleading statements and / or failed to disclose that: (1) the company was merely hoping that USPS would select an electric vehicle as its his next generation delivery vehicle and had no assurance or indication from USPS that it would; (2) The company had hidden the fact that electrifying the entire USPS fleet – as revealed by the Postmaster General in explaining the final decision not to select an electric vehicle – would be impractical and astronomically expensive. and (3) as a result, Defendants’ statements about Workhorse’s business, business and prospects were materially false and misleading and / or were unfounded at all relevant times. When the real details hit the market, the lawsuit alleged that investors suffered damage.
If you have purchased Workhorse securities during the class period and suffered a loss in excess of $ 100,000, are a long term stockholder, have information, want to learn more about these claims, or have questions about this announcement or your rights or interests in relation to them For matters please email Brandon Walker, Melissa Fortunato or Marion Passmore by email at email@example.com, by phone at (212) 355-4648, or by completing this contact form. There are no costs or obligations for you.
About Bragar Eagel & Squire, PC:
Bragar Eagel & Squire, PC is a nationally recognized law firm with offices in New York, California and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivatives and other complex litigation in state and federal courts across the country. More information about the company can be found at www.bespc.com. Lawyer advertising. Previous results do not guarantee similar results.