NEW YORK–(BUSINESS WIRE)–WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Workhorse Group Inc. (NASDAQ: WKHS) resulting from allegations that Workhorse may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased Workhorse securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to http://www.rosenlegal.com/cases-register-2042.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email email@example.com or firstname.lastname@example.org for information on the class action.
WHAT IS THIS ABOUT: Workhorse submitted a bid to participate in the United States Postal Service’s “next generation delivery vehicle” (NGDV) search, which would replace an aging fleet of more than 200,000 trucks. Final bids were submitted on July 14, 2020. In a July 21, 2020 article published by Benzinga, Steve Schrader, Workhorse’s CFO, provided an update on the USPS contract estimated to be worth $6 billion. According to the article, “Schrader said he can’t discuss too much about the process at this point, but Workhorse is the only all-electric option” and Schrader reportedly stated “[w]hat I will say is our all-electric is probably the perfect vehicle for them. . . .”
On February 23, 2021, USPS awarded its contract to finalize the design of the NGDV and assemble 50,000 to 165,000 vehicles over 10 years to Oshkosh Defense, beating electric-vehicle maker Workhorse. According to the USPS press release, “the vehicles will be equipped with either fuel-efficient internal combustion engines or battery electric powertrains and can be retrofitted to keep pace with advances in electric vehicle technologies.”
On February 23, 2021, following the news that Workhorse was passed over for the USPS contract, Workhorse shares fell $14.87 per share, or approximately 47.45%, from $31.34 per share to close at $16.47 per share on February 23, 2021.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience or resources. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020 founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
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