This case was last updated from PACER on 10/15/2021 at 05:46:50 (UTC).

Brennan v. Hyzon Motors Inc. et al

Case Summary

On October 13, 2021, Mark Brennan (“Plaintiff”), individually and on behalf of all others similarly situated, represented by Joseph Alexander Hood II of Pomerantz LLP, filed a civil action against Hyzon Motors Inc. f/k/a Decarbonization Plus Acquisition Corporation (“Hyzon” or the “Company”), Erik Anderson (“Anderson”), Peter Haskopoulos (“Haskopoulos”), Craig Knight (“Knight”), and Mark Gordon (“Gordon”), (collectively, the “Defendants”), seeking damages plus prejudgment and post-judgment interest, attorneys’ fees, and costs for allegedly making materially false and/or misleading public statements regarding the Company’s business. This case was filed in the U.S. District Court in the Western District of New York. 

 

In the complaint, Plaintiff alleged that, “On February 9, 2021, the Company issued or caused to be issued a press release entitled “Hyzon Motors, the Leading Hydrogen Fuel Cell Heavy Vehicle Company, Announces Business Combination with Decarbonization Plus Acquisition Corporation; Combined Company Expected to be Listed on Nasdaq” (the “February Press Release”) which stated the following, in pertinent part, touting Hyzon’s (then called “Hyzon Motor Inc.”, “Hyzon Motors”, or “Hyzon”) deals and delivery schedule:”

 

Plaintiff further alleged that, “Also on February 9, 2021, the Company filed a Form 8-K, signed by Defendant Haskopoulos, with the SEC announcing the merger plan that attached the February Press Release. This Form 8-K also attached an investor presentation by Hyzon which touted its “Top Tier Customers/End Users/Partners”, “Customer Deployments”, and “Vehicle Customers” in the following slides:” “On July 22, 2021, the Company filed a Form 8-K, signed by Defendant Knight announcing the closing of the merger, and incorporated the Proxy Statement by reference and referral.”

 

Plaintiff further alleged that, “The statements referenced in ¶¶18-26 above were materially false and/or misleading because they misrepresented and failed to disclose the following adverse facts pertaining to the Company’s business, operational and financial results, which were known to Defendants or recklessly disregarded by them. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Hyzon was misrepresenting the nature of its “customer” contracts and severely embellished its “deals” and “partnerships” with customers; (2) Hyzon could not deliver its announced vehicles in 2021, on its stated timeline; and (3) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.”

 

Plaintiff lists out two claims for relief. The first claim is against all Defendants for violation of section 10(b) of The Exchange Act and Rule 10b-5, and the second claim is against Individual Defendants for violation of section 20(a) of the Exchange Act. Plaintiff also alleged that, during the Class Period, Defendants, individually and in concert, directly or indirectly, disseminated or approved the false statements, which they knew or deliberately disregarded were misleading in that they contained misrepresentations, and failed to disclose material facts necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading.

 

In the prayer for relief, Plaintiff requested the court to determine that this action is a proper class action under Rule 23 of the Federal Rules of Civil Procedure and order Defendants to pay damages sustained by Plaintiff and the Class by reason of the acts and transactions alleged herein along with pre-judgment and post-judgment interest, as well as their reasonable attorneys’ fees, expert fees, other costs and such other and further relief as this court may deem just and proper.

 

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Case Details Parties Documents Dockets

 

Case Details

  • Case Number:

    1:21-CV-01118

  • Filing Date:

    10/13/2021

  • Case Status:

    Pending - Other Pending

  • Case Type:

    Finance - Security/Commodity/Exchange

 

Party Details

Plaintiff

Mark Brennan

Defendants

Hyzon Motors Inc. f/k/a Decarbonization Plus Acquisition Corporation

Erik Anderson

Peter Haskopoulos

Craig Knight

Mark Gordon

Attorney/Law Firm Details

Plaintiff Attorney

Joseph Alexander Hood ll

Attorney at Pomerantz LLP

600 Third Avenue, 20Th Floor

New York, NY 10016

 

Court Documents

#1

1 #1

Civil Cover Sheet

1 #2

Proposed Summons

 

Docket Entries

  • 10/13/2021
  • View Court Documents
  • Docket(#1) COMPLAINT against Erik Anderson, Mark Gordon, Peter Haskopoulos, Hyzon Motors Inc. f/k/a Decarbonization Plus Acquisition Corporation, Craig Knight $ 402 receipt number 0209-4388317, filed by Mark Brennan. (Attachments: #1 Civil Cover Sheet, #2 Proposed Summons)(Hood ll, Joseph) (Entered: 10/13/2021)

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