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Lawsuit filed for Investors in shares of XL Fleet Corp. (NYSE: XL)

03-15-2021 07:12 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in XL Fleet Corp. (NYSE: XL) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in XL Fleet Corp. (NYSE: XL) shares over alleged securities laws violations.

An investor, who purchased shares of XL Fleet Corp. (NYSE: XL), filed a lawsuit over alleged violations of Federal Securities Laws by XL Fleet Corp.

Investors who purchased shares of XL Fleet Corp. (NYSE: XL) have certain options and for certain investors are short and strict deadlines running. Deadline: May 5, 2021. NYSE: XL investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Boston , MA based XL Fleet Corp. develops and deploys hybrid electric solutions for the commercial and municipal vehicle market in North America. On March 3, 2021, a report was published entitled "XL Fleet Corp. (NYSE: XL): More SPAC Trash," alleging, among other things, that salespeople "were pressured to inflate their sales pipelines materially in order to mislead XL’s board and investors" and that "customer reorder rates are in reality quite low" due to "poor performance and regulatory issues." Citing interviews with former employees, the report alleged that "at least 18 of 33 customers XL featured were inactive." The report also claimed that XL Fleet Corp. has "weak technology" and that "XL’s announcement of future class 7-8 upfits seems highly promotional" because the task is "too technologically complex for XL engineers to deliver on the promised timeline."

Shares of XL Fleet Corp. (NYSE: XL) declined from $21.63 per share on February 10, 2021, to as low as $9.50 per share on March 5, 2021.

According to the complaint the plaintiff alleges on behalf of purchasers of XL Fleet Corp. (NYSE: XL) common shares between October 2, 2020 and March 2, 2021, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between October 2, 2020 and March 2, 2021, the defendants failed to disclose to investors that XL Fleet’s salespeople were pressured to inflate their sales pipelines to boost the Company’s reported sales and backlog, that at least 18 of the 33 customers that XL featured were inactive and had not placed an order since 2019, that XL’s technology had been materially overstated and offered only 5% to 10% of fleet savings, that XL lacks the supply chain and engineers to roll out new products on the announced timelines, and 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.

Those who purchased shares of XL Fleet Corp. (NYSE: XL) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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