Hyzon faces multiple lawsuits
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.
Also in this section
18 September 2024
Greater regulatory clarity and support for demand will be critical for tackling project delays over next two years, say Hydrogen Council and McKinsey
18 September 2024
As part of Petroleum Economist's 90th anniversary special coverage, we look at how hydrogen has emerged from relative obscurity to become a key player in the transition to net zero
6 September 2024
Emirati NOC signs groundbreaking deal to take 35% stake in ExxonMobil’s large-scale Baytown project, despite uncertainty over US government support
5 September 2024
French green hydrogen producer to supply German firm’s network of refuelling stations under its first major long-term offtake agreement
