XL INVESTOR ALERT: Bernstein Liebhard LLP Announces that a Securities Class Action Lawsuit Has Been Filed Against XL Fleet Corp.
NEW YORK, March 9, 2021 (GLOBE NEWSWIRE) – Bernstein Liebhard, a nationally recognized investor rights law firm, announces that on behalf of investors who purchase the securities of XL Fleet Corp. bought or acquired a class action lawsuit. “XL Fleet” or “Company”) (NYSE: XL) from October 2, 2020 to March 2, 2021 (the “Class Period”). The lawsuit filed in the U.S. District Court for the Southern District of New York alleges violations of the Securities Exchange Act of 1934.
If you bought XL Fleet securities and / or wish to discuss your statutory rights and options Please visit the class action lawsuit against XL Fleet Shareholders or contact Matthew E. Guarnero toll-free at (877) 779-1414 or MGuarnero@bernlieb.com
The complaint alleges that throughout the class period, defendants made materially false and / or misleading statements and did not communicate anything to investors: (i) XL Fleet salespeople were pressured to inflate their sales pipelines to expand the reported sales and Increase the company’s backlog ;; (ii) that at least 18 out of 33 customers presented to XL were inactive and had not placed an order since 2019; (iii) that XL’s technology was significantly overrated, providing only 5% to 10% of the fleet savings; (iv) that XL does not have the supply chain and engineers to introduce new products within the announced deadlines; and (v) that Defendants’ positive statements about the business, operations and prospects of the Company as a result of the foregoing were materially misleading and / or were unfounded.
On March 3, 2021, Muddy Waters Research (“Muddy Waters”) released a report entitled “XL Fleet Corp. (NYSE: XL): More SPAC Trash,” which alleged, among other things, that sellers were “pressured.” inflating their air “sales pipelines essential to mislead the XL board and investors” and that “customer reorder rates are actually quite low due to” poor performance and regulatory issues “, citing interviews with Former employees in the report alleged that “at least 18 of 33 featured XL customers were inactive.” Muddy Waters also alleged that XL had “weak technology” and that “XL’s announcement of future Class 7-8 upits was highly promotional “because the task” is too technologically complex for XL engineers to keep to the promised 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 in an 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.
If you want to serve as the lead plaintiff, you must transfer the court no later than May 7, 2021. A lead plaintiff is a representative party who acts on behalf of other class members in directing the dispute. Your ability to partake in a recovery does not require you to be the lead plaintiff. If you don’t take action, you may remain an absent class member.
If you bought XL Fleet securities and / or wish to discuss your statutory rights and options Please visit https://www.bernlieb.com/cases/xlfleetcorp-xl-shareholder-class-action-lawsuit-fraud-stock-377/apply/ or contact Matthew E. Guarnero toll-free at (877) 779-1414 or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has collected more than $ 3.5 billion for its clients. In addition to representing individual investors, the firm has been hired by some of the country’s largest public and private pension funds to oversee their assets and litigate on their behalf. Because of its litigation success with hundreds of lawsuits and class actions, the firm has been featured on the National Law Journal’s Hot List thirteen times and on The Legal 500 for ten consecutive years.
LAWYER. © 2021 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The attorney responsible for this Connecticut state complaint is Michael S. Bigin. Past results do not guarantee or forecast a similar result with respect to future matters.
Matthew E. Guarnero
Bernstein Liebhard LLP