NEW YORK, March 09, 2021 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Workhorse Group Inc. (“Workhorse”) (NASDAQ: WKHS) in the United States District Court for the Central District of California on behalf of those who purchased or acquired the securities of Workhorse between July 7, 2020 and February 23, 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) the Company was merely hoping that USPS was going to select an electric vehicle as its Next Generation Delivery Vehicle, and had no assurance or indication from USPS that this was the case; (2) the Company had concealed the fact that -- as revealed by the postmaster general in explaining the ultimate decision not to select an electric vehicle -- electrifying the USPS’s entire fleet would be impractical and astronomically expensive; and (3) as a result, Defendants’ statements about Workhorse’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
Investors who purchased or otherwise acquired shares of Workhorse 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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