Scott+Scott Attorneys at Law LLP Alerts Investors to Securities Class Action Against XL Fleet Corp. (XL) and May 7 Deadline
NEW YORK–(BUSINESS WIRE)–#Securities—Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, announces the filing of a class action lawsuit against XL Fleet Corp. (“XL Fleet” or the “Company”) (NYSE: XL) and certain of its officers, alleging violations of federal securities laws. If you purchased XL Fleet securities between October 2, 2020 and March 2, 2021, inclusive (the “Class Period”), and have suffered a loss, you are encouraged to contact attorney Jonathan Zimmerman for additional information at (888) 398-9312 or [email protected].
XL Fleet provides vehicle electrification solutions for commercial and municipal fleets in North America. It offers hybrid and plug-in hybrid electric drive systems.
The lawsuit alleges, among other things, that the Company made materially false and/or misleading statements and/or failed to disclose: (1) that XL Fleet’s salespeople were pressured to inflate their sales pipelines to boost the Company’s reported sales and backlog; (2) that at least 18 of the 33 customers that XL Fleet featured were inactive and had not placed an order since 2019; (3) that XL Fleet’s technology had been materially overstated and offered only 5% to 10% of fleet savings; and (4) that XL lacks the supply chain and engineers to roll out new products on the announced timelines.
On March 3, 2021, Muddy Waters published a report entitled “XL Fleet Corp. (NYSE: XL): More SPAC Trash,” alleging that XL Fleet salespeople inflated their sales, that customer orders were actually quite low due to “poor performance and regulatory issues,” that many customers were inactive, and that the Company lacked the supply chain and technology to deliver on its promised product offerings.
On this news, the price of XL Fleet stock fell by $2.09, or 13%, to close at $13.86 per share on March 3, 2021. The share price continued to decline by $2.69, or 19.4%, over the next two trading sessions to close at $11.17 per share on March 5, 2021.
What You Can Do
If you purchased XL Fleet securities between October 2, 2020 and March 2, 2021, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Jonathan Zimmerman at (888) 398-9312 or [email protected]. The lead plaintiff deadline is May 7, 2021.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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Contacts
Jonathan Zimmerman
Scott+Scott Attorneys at Law LLP
230 Park Avenue, 17th Floor, New York, NY 10169-1820
(888) 398-9312
[email protected]
