Investigation
BioXcel Therapeutics, Inc. (BTAI)
Confidential investigation: officers & directors’ potential breach of fiduciary duties to investors.
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Investigation
03/08/2021
Initial Lawsuit
03/08/2021
Lawsuit Progression
06/03/2021
This is a class action on behalf of persons and entities that purchased or otherwiseacquired XL Fleet securities between October 2, 2020 and March 2, 2021, 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:
(1) that XLFleet’s salespeople were pressured to inflate their sales pipelines to boost the Company’s reportedsales and backlog;
(2) that at least 18 of the 33 customers that XL featured were inactive and hadnot placed an order since 2019;
(3) that XL’s technology had been materially overstated andoffered only 5% to 10% of fleet savings;
(4) that XL lacks the supply chain and engineers to rollout new products on the announced timelines;
(5) that, as a result of the foregoing, Defendants’positive statements about the Company’s business, operations, and prospects were materiallymisleading and/or lacked a reasonable basis.
Confidential investigation: officers & directors’ potential breach of fiduciary duties to investors.