Australia markets closed
  • ALL ORDS

    7,320.70
    +8.70 (+0.12%)
     
  • ASX 200

    7,060.70
    +5.30 (+0.08%)
     
  • AUD/USD

    0.7742
    +0.0035 (+0.45%)
     
  • OIL

    61.86
    +0.43 (+0.70%)
     
  • GOLD

    1,776.80
    -5.20 (-0.29%)
     
  • BTC-AUD

    64,328.10
    -6,640.52 (-9.36%)
     
  • CMC Crypto 200

    1,146.05
    +22.15 (+1.97%)
     
  • AUD/EUR

    0.6408
    +0.0000 (+0.00%)
     
  • AUD/NZD

    1.0773
    +0.0017 (+0.16%)
     
  • NZX 50

    12,650.64
    +73.16 (+0.58%)
     
  • NASDAQ

    13,960.26
    +197.91 (+1.44%)
     
  • FTSE

    6,938.56
    +0.32 (+0.00%)
     
  • Dow Jones

    34,036.67
    +220.77 (+0.65%)
     
  • DAX

    15,279.62
    -40.90 (-0.27%)
     
  • Hang Seng

    29,078.75
    +323.41 (+1.12%)
     
  • NIKKEI 225

    29,020.63
    -167.54 (-0.57%)
     

The Law Offices of Frank R. Cruz Announces Investigation of XL Fleet Corp. (XL) on Behalf of Investors

·2-min read

The Law Offices of Frank R. Cruz announces an investigation of XL Fleet Corp. ("XL" or the "Company") (NYSE: XL) on behalf of investors concerning the Company’s possible violations of federal securities laws.

If you are a shareholder who suffered a loss, click here to participate.

On March 3, 2021, Muddy Waters Research published a report entitled "XL Fleet Corp. (NYSE: XL): More SPAC Trash," alleging, among other things, that salespeople "were pressured to inflate their sales pipelines materially in order to mislead XL’s board and investors" and that "customer reorder rates are in reality quite low" due to "poor performance and regulatory issues." Citing interviews with former employees, the report alleged that "at least 18 of 33 customers XL featured were inactive." Muddy Waters also claimed that XL has "weak technology" and that "XL’s announcement of future class 7-8 upfits seems highly promotional" because the task is "too technologically complex for XL engineers to deliver on the promised timeline."

On this news, the Company’s stock price fell $2.09, or 13%, to close at $13.86 per share on March 3, 2021, thereby injuring investors.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased XL securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210303006040/en/

Contacts

The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com