NEW YORK, March 5, 2021 /PRNewswire/ -- Wolf Popper LLP is investigating potential securities fraud claims on behalf of purchasers of XL Fleet Corp. common stock (NYSE: XL).
In September 2020, Pivotal Investment Corporation II (NYSE: PIC), a special purpose acquisition company (SPAC), announced it had entered into an agreement to merge with XL Fleet Corp. so as to take XL Fleet Corp. public. The merger was approved by a majority vote of the holders of Pivotal common shares. The merger closed on December 22, 2020, and Pivotal changed its name to XL Fleet Corp. and its stock symbol to "XL".
During the trading day on March 3, 2021, Muddy Waters issued a report stating that former XL Fleet salespeople "were pressured to inflate their sales pipelines materially in order to mislead XL's board and investors" and "XL misleads its customers about performance and savings; and, that due to these exaggerations, customer reorder rates are in reality quite low." In addition, the report alleges former employees said of the 33 customer logos included in investor presentations, 18 were inactive.
On this news, XL Fleet's stock price fell $2.09 per share, or over 13%, and closed at $13.86 per share on March 4, 2021.
Investors who have lost over $50,000 trading in XL Fleet common stock and who would like to discuss the investigation should contact Joshua Ruthizer at (212) 451-9668, (877) 370-7703, or [email protected].
Wolf Popper has successfully recovered billions of dollars for defrauded investors. Wolf Popper's reputation and expertise have been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation. For more information about Wolf Popper, please visit the Firm's website at www.wolfpopper.com.
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Wolf Popper LLP
Joshua W. Ruthizer
845 Third Avenue
New York, NY 10022
Tel.: (212) 451-9668
Tel.: (877) 370-7703
Email: [email protected]
SOURCE Wolf Popper LLP