Hyzon under shareholder investigation
Law firm Schubert Jonckheer & Kolbe is investigating potential securities law violations and unlawful business practices at the hydrogen truck manufacturer
Hyzon is under investigation by class-action law firm Schubert Jonckheer & Kolbe as it faces multiple lawsuits alleging improper business practices, particularly surrounding one of its apparent largest customers. In late 2021, Hyzon announced a non-binding deal with Chinese company Shanghai Hongyun for 500 hydrogen-powered trucks. However, within months, activist investment firm Blue Orca published a short-seller report that accused Hyzon of misrepresenting its deal with the firm, which noted that Shanghai Hongyun was established only three days before the announcement. Since then, Hyzon has been named in a securities class-action lawsuit that alleges Shanghai Hongyun is a shell company.