Berger Montague PC Investigating Claims on Behalf of Investors in Hyliion Holdings Corp. (NYSE: HYLN) After Class Action Filing

PHILADELPHIA, Sept. 2, 2026 /PRNewswire/ -- Berger Montague PC, a leading national plaintiffs' law firm, announces a class action lawsuit against Hyliion Holdings Corp. (NYSE: HYLN) ("Hyliion" or the "Company") on behalf of investors who purchased or acquired Hyliion securities during the period from May 12, 2026 through June 23, 2026 (the "Class Period"). The deadline to apply for lead plaintiff is October 27, 2026.

Q&A

What is this lawsuit about?

This lawsuit concerns whether Hyliion and certain of its officers misled investors about the significance and prospects of the Company's purported data center partnership with VFG Holdings, LLC ("VFG").

On May 12, 2026, Hyliion issued a press release announcing that it had entered into a non-binding letter of intent ("LOI") with VFG establishing a strategic partnership to deploy up to 250 KARNO Power Modules, or approximately 50 megawatts of power generation capacity, at VFG's data center sites over the next five years.

On May 19, 2026 – within days of the VFG announcement – Hyliion disclosed in SEC filings that CEO Thomas Healy, CFO Jon Panzer, and several other Company insiders had sold shares pursuant to 10b5-1 trading plans.

Then, on June 23, 2026, Pelican Way Research published a report entitled "Hyliion: A Glorified Science Project Who Has Continuously Failed to Meet Expectations And Is Now Throwing Around A Meaningless Deal." The report alleged that the VFG LOI was a sham because VFG had only been formed in January 2026, appeared to have only about four employees, operated a barely functioning two-page website with no listed address, and had posted nothing on LinkedIn other than the announcement of its deal with Hyliion. On this news, Hyliion's stock price fell $1.27 per share, or 17%, to close at $6.10 on June 23, 2026. The following day, Hyliion's stock price fell a further $1.18 per share, or 19%, to close at $4.92 on June 24, 2026.

Who is Hyliion?

Hyliion, headquartered in Cedar Park, Texas, is a developer of modular power plant technology, including its KARNO Power Module.

What do I need to do?

If you are a Hyliion investor and would like to learn more about this action, CLICK HERE or please contact Berger Montague: Andrew Abramowitz at [email protected] or (215) 875-3015 or Caitlin Adorni at [email protected] or (267) 764-4865 or visit our website.

What is the Hyliion lead plaintiff deadline?

The deadline to apply for lead plaintiff appointment is October 27, 2026. This deadline applies only to investors seeking to serve as lead plaintiff. Class members who do not apply may still participate in any recovery without taking action before this date.

About Berger Montague

Berger Montague is one of the nation's preeminent law firms focusing on complex civil litigation, class actions, and mass torts in federal and state courts throughout the United States. With more than $2.4 billion in 2025 post-trial judgments alone, the Firm is a leader in the fields of complex litigation, antitrust, consumer protection, defective products, environmental law, employment law, securities, and whistleblower cases, among many other practice areas. For over 55 years, Berger Montague has played leading roles in precedent-setting cases and has recovered over $50 billion for its clients and the classes they have represented. Berger Montague is headquartered in Philadelphia and has offices in Chicago; Malvern, PA; Minneapolis; San Diego; San Francisco; Toronto, Canada; Washington, D.C., and Wilmington, DE.

For more information or to discuss your rights, please contact:

Andrew Abramowitz
Berger Montague
(215) 875-3015
[email protected]

Caitlin Adorni
Berger Montague
(267) 764-4865
[email protected]

SOURCE Berger Montague