The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against XL Fleet Corp. (“XL Fleet” or “the Company”) (NYSE: XL) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company’s securities between October 2, 2020 and March 2, 2021, inclusive (the ”Class Period”), are encouraged to contact the firm before May 7, 2021.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm’s website at www.schallfirm.com, or by email at firstname.lastname@example.org.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. XL Fleet pressured its salespeople to inflate their pipeline of potential sales to artificially boost the Company’s backlog of orders. Out of the Company’s 33 customers, at least 18 were inactive and hadn’t placed orders since 2019. The Company’s technology benefits were overstated, offering fleet savings of only 5% to 10%. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about XL Fleet, investors suffered damages.
Join the case to recover your losses.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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