Case Background:
On March 8, 2021, the initial complaint in this securities class action was filed against Workhorse Group Inc. (“Workhorse”), and certain of Workhorse’s directors and officers, asserting violations of Sections 10(b) and 20(a) of the Securities Exchange Act. This is a federal securities class action brought on behalf of a class of all investors who purchased or otherwise acquired Workhorse securities between March 10, 2020 and May 10, 2021, both dates inclusive (the “Class Period).
The complaint alleges that, throughout the Class Period, the Defendants made false and/or misleading statements and/or failed to disclose that: (1) 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; (2) 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 (3) as a result, the Defendants’ public statements were materially false and/or misleading at all relevant times.
Current Status of Case:
On January 13, 2023, Lead Plaintiffs filed Notice of Motion and Motion for Preliminary Approval of Settlement. On February 14, 2023, the Court issued an Order granting the Motion for Preliminary Approval of Settlement. On July 24, the Court approved the Settlement of the action. This action has concluded.
The deadline to file a claim is July 3, 2023. If you would like to submit a claim form on-line, please contact the claims administrator at https://www.workhorsesecuritieslitigation.com/ or by calling the claims administrator, KCC Class Action Services, at (844) 787-0160.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com.