SAN FRANCISCO, March 3, 2021 / PRNewswire / – Hagens Berman Calls on XL Fleet Corp. Investors (NYSE: XL) with significant losses urge you to file your losses now. The company is investigating possible violations of the Securities Act and certain investors may have valuable claims.
Contact an attorney now: [email protected]
XL Fleet Corp. (NYSE: XL) Investigation:
The research focuses on XL Fleet’s statements about certain financial metrics and business prospects.
Over the past few quarters, XL Fleet has advertised its long-term growth potential in converting gas-powered vehicles to hybrids, highlighting its revenue pipeline of $ 220 million + 12 months and growing customer base.
But go on March 3, 2021XL Fleet’s growth story was challenged when analyst Muddy Waters Research released a damning report calling the company “More SPAC Trash”.
Based on interviews with former employees, Muddy Waters claims that XL Fleet’s management is systematically inflating the company’s backlog and grossly overvaluing the company’s customer base, with at least 18 out of 33 touted customers being inactive. Citing former sales reps, Muddy Waters also claims that XL is misleading its customers about performance and savings, and because of these exaggerations, customer reorder rates are quite low. Eventually, Muddy Waters accuses the company of exaggerating sales projections and overstating its technological capabilities.
In response, the price of XL shares fell sharply.
“We are focusing on investor losses and whether XL has misled investors by overdoing its backlog,” he said Reed Kathrein, the Hagens Berman partner who led the investigation.
If you are an XL investor and are experiencing significant losses or have knowledge that may aid the company’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Individuals with nonpublic information about XL Fleet should review their options to help with the investigation or use the SEC whistleblower program. Under the new program, whistleblowers who provide original information can receive rewards of up to 30 percent for each successful SEC recovery. Please call for more information Reed Kathrein at 844-916-0895 or by email to:[email protected].
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SOURCE Hagens Berman Sobol Shapiro LLP