Ademi LLP is investigating possible securities fraud claims against Hyzon (NASDAQ:HYZN). The investigation results from inaccurate statements Hyzon may have made regarding its business operations and prospects.
The investigation focuses on whether Hyzon properly disclosed the validity of existing and prospective customer contracts. For example, on September 9, 2021, Hyzon announced that it secured a major new deal for 500 trucks with Shanghai HongYun, but Chinese government records show that Shanghai HongYun was established only three days before Hyzon announced the deal and has no paid-in capital. Similarly, in February 2021, Hyzon announced an agreement to build and supply 1,500 hydrogen powered vehicles for New Zealand’s Hiringa Energy, but according to analyst Blue Orca, Hiringa has denied that it is a customer. Reportedly, several Hyzon executives have departed because of misrepresentations about customer contracts.