NEW YORK, March 12, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of XL Fleet Corporation ("Gannett" or the "Company")(NYSE: XL). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether XL Fleet and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On March 3, 2021, Muddy Waters published a report on the Company entitled "More SPAC Trash." Citing interviews with former employees, the Muddy Waters report asserted that XL Fleet's management systemically inflates the Company's backlog and grossly overstates XL Fleet's customer base, with at least 18 of 33 touted customers being inactive. The Muddy Waters report also alleges that the Company significantly exaggerates sales projections and overstates its technological capabilities.
On this news, XL Fleet's stock price fell $2.09 per share, or 13.1%, to close at $13.86 per share on March 3, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
