
Kewaunee Scientific Corporation (KEQU)
Whether directors and officers of Kewaunee Scientific Corporation (KEQU) breached their fiduciary duties to the company and its shareholders.
Investigation
09/30/2021
Initial Lawsuit
09/30/2021
Lawsuit Progression
12/14/2021
Investigation regarding Hyzon’s statements about its customers, deals, partnerships and delivery timeline.
09/28/2021
Research firm Blue Orca Capital publishes a short report about Hyzon Motors alleging fabrication of customers, deals and financial overstatements.
“Hyzon’s Largest Customer is a Fake-Looking Chinese Shell Entity Formed 3 Days Before Deal Announced . . . Chinese government records show that Shanghai HongYun was established only three
days before Hyzon announced the deal and has no paid in capital. It has no WeChat account or website. . .
Channel Checks Reveal Next Largest Customer Not Really a Customer. Hyzon claims that a New Zealand infrastructure startup named Hiringa supposedly signed an agreement to order 1,500 trucks by 2026, purportedly making it Hyzon’s next largest customer. . .
Phantom Big-Name Customers Suggest Overstated Orders and Financial Projections . . .”
Stock Impact
Close | Previous close | Price variation | Percentage variation |
---|---|---|---|
$6.63 | $9.21 | $-2.58 | -28.01% |
Plaintiff brings this securities class action on behalf of a class consisting of all persons and entities other than defendants who purchased or otherwise acquired the publicly traded securities of Hyzon between February 9, 2021 and September 27, 2021, both dates inclusive.
According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors that:
(1) Hyzon was misrepresenting the nature ofits “customer” contracts and severely embellished its “deals” and “partnerships” with customers;
(2) Hyzon could not deliver its announced vehicles in 2021, on its stated timeline; and
(3) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.
12/14/2021
The court issued an order appointing the lead plaintiff and lead counsel.
Whether directors and officers of Kewaunee Scientific Corporation (KEQU) breached their fiduciary duties to the company and its shareholders.
Whether directors and officers of Builders FirstSource, Inc. (BLDR) breached their fiduciary duties to the company and its shareholders.
Whether directors and officers of Inari Medical, Inc. (NARI) breached their fiduciary duties to the company and its shareholders.
Whether directors and officers of Amicus Therapeutics, Inc. (FOLD) breached their fiduciary duties to the company and its shareholders.
Whether directors and officers of LegalZoom.com, Inc. (LZ) breached their fiduciary duties to the company and its shareholders.
Whether directors and officers of Payoneer Global Inc. (PAYO) breached their fiduciary duties to the company and its shareholders.