NEW YORK, March 09, 2021 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against XL Fleet Corp. (“XL Fleet”) (NYSE: XL) in the United States District Court for the Southern District of New York on behalf of those who purchased or acquired the securities of XL Fleet between October 2, 2020 and March 2, 2021, inclusive (the “Class Period”). The lawsuit seeks to recover damages for investors under the federal securities laws.
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) XL Fleet’s salespeople were pressured to inflate their sales pipelines to boost the Company’s reported sales and backlog; (2) at least 18 of the 33 customers that XL Fleet featured were inactive and had not placed an order since 2019; (3) XL Fleet’s technology had been materially overstated and offered only 5% to 10% of fleet savings; (4) XL Fleet lacks the supply chain and engineers to roll out new products on the announced timeline; and (5) 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.
Investors who purchased or otherwise acquired shares of XL Fleet during the Class Period should contact the Firm prior to the May 7, 2021 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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