SAN DIEGO–(BUSINESS WIRE)–Robbins Geller Rudman & Dowd LLP announces that a class action lawsuit has been filed in the Central District of California on behalf of purchasers of Workhorse Group, Inc. (NASDAQ:WKHS) securities between July 7, 2020 and February 23, 2021, inclusive (the “Class Period”). The case is captioned Farrar v. Workhorse Group, Inc., No. 21-cv-02072, and is assigned to Judge Cormac J. Carney. The Workhorse class action lawsuit charges Workhorse and certain of its executives with violations of the Securities Exchange Act of 1934.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Workhorse securities during the Class Period to seek appointment as lead plaintiff in the Workhorse class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Workhorse class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Workhorse class action lawsuit. An investor’s ability to share in any potential future recovery of the Workhorse class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the Workhorse class action lawsuit or have questions concerning your rights regarding the Workhorse class action lawsuit, please provide your information here or contact counsel, Jennifer Caringal of Robbins Geller, at 800/449-4900 or 619/231-1058 or via e-mail at email@example.com. Lead plaintiff motions for the Workhorse class action lawsuit must be filed with the court no later than May 7, 2021.
Workhorse is a technology company engaged in the development and manufacturing of electric delivery vehicles. In 2016, the United States Postal Service (“USPS”) announced the USPS Next Generation Delivery Vehicle (“NGDV”) project, a competitive multi-year acquisition process for replacing approximately 165,000 package delivery vehicles. Workhorse was one of the companies vying for the NGDV contract, which was thought to be worth approximately $6.3 billion.
The Workhorse class action lawsuit alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) Workhorse was merely hoping that USPS was going to select an electric vehicle as its NGDV and had no assurance or indication from USPS that this was the case; (ii) Workhorse 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 be impractical and astronomically expensive; and (iii) as a result, defendants’ public statements were materially false and/or misleading at all relevant times.
On February 23, 2021, the USPS issued a press release entitled “U.S. Postal Service Awards Contract to Launch Multi-Billion-Dollar Modernization of Postal Delivery Vehicle Fleet,” announcing that Oshkosh Defense – not Workhorse – had won the lucrative NGDV contract. On this news, the price of Workhorse stock fell more than 50%, damaging investors.
Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities class action litigation. With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For seven consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by courts, professional organizations, and the media as leading lawyers in the industry. Please visit http://www.rgrdlaw.com for more information.