Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Central District of California on behalf of shareholders of Workhorse Group, Inc. who purchased shares between July 7, 2020 and February 23, 2021.
Workhorse and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On February 23, 2021, the United States Postal Service issued a press release announcing that Oshkosh Defense, not the Company, had been awarded the multibillion-dollar service contract for its Next Generation Delivery Vehicle (“NGDV”) project to modernize its postal delivery fleet.
On this news, shares of Workhorse fell $14.88 per share, or 47%, to close at $16.47 per share on February 23, 2021.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until May 7, 2021 to request that the court appoint them lead plaintiff.