WORKHORSE GROUP, INC. SHAREHOLDERS HAVE AN OPPORTUNITY TO RECOVER THEIR INVESTMENT LOSSES
Workhorse Group, Inc.
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of those who purchased or acquired the securities of Workhorse Group, Inc. (NASDAQ: WKHS) between July 7, 2020 and February 23, 2021. The lawsuit seeks to recover Workhorse Group, Inc.’s shareholders’ investment losses.
If you purchased shares of Workhorse Group, Inc. between July 7, 2020 and February 23, 2021 and would like to discuss your legal rights and/or options, please click “Join Class Action” above.
New York, New York — Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Workhorse Group, Inc. (“Workhorse Group” or the “Company”) (NASDAQ: WKHS) from July 7, 2020 through February 23, 2021 (the “Class Period”). The lawsuit filed in the United States District Court for the Central District of California alleges violations of the Securities Exchange Act of 1934.
In 2016, the United States Postal Service (“USPS”) launched the USPS Next Generation Delivery Vehicle (“NGDV”) project, which was a competitive multiyear acquisition process to replace approximately 165,000 package delivery vehicles. Workhorse Group was one of the companies aiming to secure the NGDV contract, worth approximately $6.3 billion.
On February 23, 2021, the USPS issued a press release announcing that Oshkosh Defense had won the NGDV contract – not Workhorse Group.
On this news, Workhorse Group’s stock price fell $14.88 per share, or 47% to close at $16.47 on February 23, 2021. The price continued to fall in after-hours trading and opened on February 23, 2021, at $14/07, a drop of over 50% from the previous open.
The complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, and/or failed to disclose that: (1) the Company was merely hoping that USPS was going to select an electric vehicle as its Next Generation Delivery Vehicle, and had no assurance or indication from USPS that this was the case; (2) the Company had concealed the fact that electrifying the USPS’s entire fleet would be impractical and astronomically expensive; and (3) as a result, defendants’ statements about Workhorse Group’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you wish to serve as lead plaintiff, you must move the Court no later than May 7, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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Matthew E. Guarnero
Bernstein Liebhard LLP