Hyzon Motors Hit With Suit Days After SEC Subpoena
By Humberto J. Rocha (January 14, 2022, 5:35 PM EST) -- A shareholder of zero-emission hydrogen-fuel automaker Hyzon launched a derivative suit against the company in New York federal court Friday, claiming it made misleading statements ahead of its merger with a special purpose acquisition company to inflate its stock price.
In his complaint, Zoheir Shorab claimed Hyzon Motors Inc. and Decarbonization Plus Acquisition Corp. lied about securing purported deals with big-name companies and fabricated financial information in the months leading up to their summer merger to drive up the combined company's value.
"The Old Hyzon defendants aided and abetted the Decarbonization [defendants'] breaches of fiduciary duty by not disclosing the truth...
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