Morris Kandinov LLP has filed an action in the Delaware Court of Chancery on behalf of a class of investors in Decarbonization Plus Acquisition Corporation, a special purpose acquisition company (SPAC) that acquired Hyzon Motors Inc. (HYZN) in July 2021. The action alleges that the board of directors of the SPAC knew at the time of the transaction, but did not disclose to investors, that Hyzon’s projected vehicle sales were not accurate and that virtually none of the disclosed customers had plans to purchase vehicles from Hyzon in the near-term. As a result, stockholders approved the deal rather than redeem their shares at $10 per share, and Hyzon’s stock price is now less than $2 per share.
For more information regarding the case, contact Leo Kandinov at leo@moka.law.
