(Reuters) – Hyzon Motors has received a lawsuit from the US Securities and Exchange Commission, the maker of hydrogen fuel cell trucks that was revealed in a notification on Wednesday and sent its shares down nearly 13% before the clock.
The SEC has asked the company to take documents and information about allegations made in a report by card seller Blue Orca Capital.
In September, Blue Orca revealed a short position in Hyzon and claimed that the truck manufacturer's largest customer Shanghai HongYun was a "fake company" and that it was formed days before
In October, Hyzon rejected the report and its CEO said that the company had no information about the card sales meeting with management, requesting "any information or clarification" or trying to "verify its claims." [1
Blue Orca and SEC wer e not immediately available for comment.
Hyzon, which designs a custom-built hydrogen-powered truck called the SuperH2Truck, was listed on the stock exchange in July 2021 through a merger with a blank check company.