Workhorse Group Inc.

Investigation
03/08/2021

Initial Lawsuit
03/08/2021

Lawsuit Progression
05/18/2021

Investigation

Continous Holding
July 7, 2020 to February 23, 2021
Proposed Claim
Securities Violation

Investigation regarding Workhorse’s losing bid for a USPS contract to manufacture a new generation of U.S.-built postal delivery vehicles.

Main Event

USPS Contract Lost Bid

02/23/2021

U.S. Agency

On February 23, 2021, while the market was open, the USPS issued a press release entitled: “U.S. Postal Service Awards Contract to Launch MultiBillion-Dollar Modernization of Postal Delivery Vehicle Fleet” disclosing that the USPS had selected Oshkosh Defense to manufacture “a new generation of U.S.-built postal delivery vehicles that will drive the most dramatic modernization of the USPS fleet in three decades.”

The stock impact compares the closing price immediately preceding the date of the event and the following closing price. The price difference also reflects the overall mix of information.

Stock Impact

Close	Previous close	Price variation	Percentage variation
$16.47	$31.34	$-14.87	-47.45%

See more on Factual Timeline

Initial Lawsuit

Plaintiff brings this securities class action on behalf of persons who purchased the securities of Workhorse between July 7, 2020 and February 23, 2021, inclusive.

Filing Date
03/08/2021
Class Period
07/07/2020 to 02/23/2021
Transgression
Securities Violation
Filing Firms
The Rosen Law Firm, P.A.
Case Title
Sam Farrar v. Workhouse Group, Inc.
Docket Number
2:21-cv-02072
Court
California Central District Court
Free File
Complaint

Allegations

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) the Company was merely hoping that USPS was going to select an electric vehicle as its Next Generation Delivery Vehicle, and had no assurance or indication from USPS that this was the case;
(2) the Company had concealed the fact that – as revealed by the postmaster general in explaining the ultimate decision not to select an electric vehicle – electrifying the USPS’s entire fleet would beimpractical and astronomically expensive;
(3) as a result, Defendants’ publicstatements were materially false and/or misleading at all relevant times.

Defendants

Company
Workhorse Group Inc.
Chief Executive Officer
Duane Hughes
Chief Financial Officer
Steve Schrader

Lawsuit progression

Docket Number
2:21-cv-02072
Court
California Central District Court

Lead Counsel

05/18/2021

The court issued an order appointing the lead plaintiff and lead counsel.

Lead Counsel
Kahn Swick & Foti, LLC
Lead Plaintiff
Individual
Free File
Order for lead

Amended Complaint

07/16/2021

Plaintiffs bring this securities class action on behalf of persons who purchased the securities of Workhorse between March 10, 2020 and May 10, 2021, inclusive.