The complaint, filed on March 8, 2021, alleges that throughout the Class Period 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. The price continued to drop in after-hours trading and opened on Februat a price of $14.07, a fall of over 50% from the previous open, damaging investors.
On this news, securities of Workhorse fell $14.88 per share, or 47%, to close at $16.47 in the regular session on February 23, 2021. The press release announced that Oshkosh Defense – not Workhorse – had won the lucrative NGDV contract. Postal Service Awards Contract to Launch MultiBillion-Dollar Modernization of Postal Delivery Vehicle Fleet. On February 23, 2021, while the market was open, the USPS issued a press release entitled: U.S. Workhorse was one of the companies vying for the NGDV contract, which was thought to be worth approximately $6.3 billion. In 2016, the United States Postal Service (“USPS”) announced the USPS Next Generation Delivery Vehicle (“NGDV”) project, a competitive multiyear acquisition process for replacing approximately 165,000 package delivery vehicles. Investors have until to apply to the Court to be appointed as lead plaintiff in the lawsuit. (NASDAQ: WKHS) securities between Jand February 23, 2021, inclusive (the “Class Period”). NEW YORK-( BUSINESS WIRE)-Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of investors that purchased Workhorse Group, Inc.
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