On March 8, 2021, Plaintiff Jeff Suh (“Plaintiff”), individually and on behalf of all others similarly situated, represented by Gregory Bradley Linkh of Glancy Prongay & Murray LLP filed a class action lawsuit against XL Fleet(“XL” or “Company”), Thomas J. Hynes III (“Hynes”), Dimitri Kazarinoff (“Kazarinoff”) Defendants Hynes, Kazarinoff, and Ledecky (collectively, the “Individual Defendants”) seeking certification of class action and compensatory damages among other reliefs for allegedly misleading investors by making false/misleading statements about the Company’s business, operations, and prospects. This case was filed in U.S. District Court in the Southern District of New York with Judge Lorna G. Schofield presiding.
Pursuant to Federal Rule of Civil Procedure 23(b)(3), the Plaintiff asserts to have filed the claim on behalf of a class, consisting of all persons and entities that purchased or otherwise acquired XL Fleet securities between October 2, 2020 and March 2, 2021, inclusive, and who were damaged thereby.
In its complaint, Plaintiff alleged that “Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (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 featured were inactive and had not placed an order since 2019; (3) that XL’s technology had been materially overstated and offered only 5% to 10% of fleet savings; (4) that XL lacks the supply chain and engineers to roll out new products on the announced timelines; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.”
Plaintiff further alleged that “Plaintiff and the Class purchased XL Fleet’s securities at artificially inflated prices and were damaged thereby. The price of the Company’s securities significantly declined when the misrepresentations made to the market, and/or the information alleged herein to have been concealed from the market, and/or the effects thereof, were revealed, causing investors’ losses.” and even further that “the Individual Defendants, by virtue of their receipt of information reflecting the true factsregarding XL Fleet, their control over, and/or receipt and/or modification of XL Fleet’s allegedly materially misleading misstatements and/or their associations with the Company which made them privy to confidential proprietary information concerning XL Fleet, participated in the fraudulent scheme alleged herein.”
There are two claims for relief laid down by the Plaintiff. The first claim for relief is against all Defendants for Violation of Section 10(b) of The Exchange Act and Rule 10b-5 Promulgated Thereunder and the last claim is against the individual defendants for violation of Section 20(a) of The Exchange Act.
In its prayer for relief, the Plaintiff requested the court to pass an order to define the class as requested and to certify this as a class action in accordance with Federal Rule of Civil Procedure 23, awarding compensatory damages in favor of Plaintiff along with costs of litigation.
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Pending - Other Pending
Finance - Security/Commodity/Exchange
Lorna G. Schofield
XL Fleet Corp.
Thomas J. Hynes III
Jonathan J. Ledecky
Gregory Bradley Linkh
Attorney at Glancy Prongay & Murray LLP
77 Water Street, 7Th Floor
New York, NY 10005
Docket(#5) ORDER: The conference will be telephonic. The time of the conference is approximate, but the parties shall be ready to proceed by that time. (And as further set forth herein.) Initial Conference set for 6/24/2021 at 10:50 AM before Judge Lorna G. Schofield. (Signed by Judge Lorna G. Schofield on 3/11/2021) (jca) (Entered: 03/11/2021)[+] Read More [-] Read Less
Docket(#4) ELECTRONIC SUMMONS ISSUED as to Thomas J. Hynes III, Dimitri Kazarinoff, Jonathan J. Ledecky, XL Fleet Corp...(jgo) (Entered: 03/09/2021)[+] Read More [-] Read Less
Docket***NOTICE TO ATTORNEY REGARDING PARTY MODIFICATION. Notice to attorney Gregory Bradley Linkh. The party information for the following party/parties has been modified: Jeff Suh. The information for the party/parties has been modified for the following reason/reasons: party text was omitted;. (jgo) (Entered: 03/09/2021)[+] Read More [-] Read Less
DocketCase Designated ECF. (jgo) (Entered: 03/09/2021)[+] Read More [-] Read Less
DocketMagistrate Judge Gabriel W. Gorenstein is so designated. Pursuant to 28 U.S.C. Section 636(c) and Fed. R. Civ. P. 73(b)(1) parties are notified that they may consent to proceed before a United States Magistrate Judge. Parties who wish to consent may access the necessary form at the following link: #https://nysd.uscourts.gov/sites/default/files/2018-06/AO-3.pdf. (jgo) (Entered: 03/09/2021)[+] Read More [-] Read Less
DocketCASE OPENING INITIAL ASSIGNMENT NOTICE: The above-entitled action is assigned to Judge Lorna G. Schofield. Please download and review the Individual Practices of the assigned District Judge, located at #https://nysd.uscourts.gov/judges/district-judges. Attorneys are responsible for providing courtesy copies to judges where their Individual Practices require such. Please download and review the ECF Rules and Instructions, located at #https://nysd.uscourts.gov/rules/ecf-related-instructions..(jgo) (Entered: 03/09/2021)[+] Read More [-] Read Less
Docket(#3) REQUEST FOR ISSUANCE OF SUMMONS as to XL FLEET CORP., THOMAS J. HYNES III, DIMITRI KAZARINOFF, and JONATHAN J. LEDECKY, re: #1 Complaint. Document filed by Jeff Suh..(Linkh, Gregory) (Entered: 03/08/2021)[+] Read More [-] Read Less
Docket(#2) CIVIL COVER SHEET filed..(Linkh, Gregory) (Entered: 03/08/2021)[+] Read More [-] Read Less
Docket(#1) COMPLAINT against Thomas J. Hynes III, Dimitri Kazarinoff, Jonathan J. Ledecky, XL Fleet Corp.. (Filing Fee $ 402.00, Receipt Number ANYSDC-24221467)Document filed by Jeff Suh..(Linkh, Gregory) (Entered: 03/08/2021)[+] Read More [-] Read Less
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