{"id":471307,"date":"2021-04-06T05:13:17","date_gmt":"2021-04-06T09:13:17","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=471307"},"modified":"2021-04-06T05:13:17","modified_gmt":"2021-04-06T09:13:17","slug":"shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-xl-fleet-corp-of-class-action-lawsuit-and-upcoming-deadline-xl-5","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-xl-fleet-corp-of-class-action-lawsuit-and-upcoming-deadline-xl-5\/","title":{"rendered":"SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in XL Fleet Corp. of Class Action Lawsuit and Upcoming Deadline &#8211; XL"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">NEW YORK<\/span>, <span class=\"xn-chron\">April 6, 2021<\/span> \/PRNewswire\/ &#8212;\u00a0Pomerantz LLP announces that a class action lawsuit has been filed against XL Fleet Corp. (&#8220;XL Fleet&#8221; or the &#8220;Company&#8221;) (NYSE: XL) and certain of its officers. The class action, filed in <span class=\"xn-location\">the United States<\/span> District Court for the Southern District of <span class=\"xn-location\">New York<\/span>, and docketed under 21-cv-02171, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired XL Fleet securities between <span class=\"xn-chron\">October 2, 2020<\/span> and <span class=\"xn-chron\">March 2, 2021<\/span>, inclusive (the &#8220;Class Period&#8221;). Plaintiff pursues claims against the Defendants under the Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;).<\/p>\n<p>If you are a shareholder who purchased XL Fleet securities during the Class Period, you have until <span class=\"xn-chron\">May 7<\/span>, 2021\u00a0to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3119631-10&amp;h=1327968247&amp;u=http%3A%2F%2Fwww.pomerantzlaw.com%2F&amp;a=www.pomerantzlaw.com\" rel=\"nofollow noopener noreferrer\">www.pomerantzlaw.com<\/a>. To discuss this action, contact <span class=\"xn-person\">Robert S. Willoughby<\/span> at <a target=\"_blank\" href=\"mailto:newaction@pomlaw.com\" rel=\"nofollow noopener noreferrer\">newaction@pomlaw.com<\/a>\u00a0or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.\u00a0 <\/p>\n<p class=\"prntac\">\n        <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3119631-10&amp;h=1940325817&amp;u=https%3A%2F%2Fpomlaw.com%2Flearn-more-form%3Fcompany%3Dxl&amp;a=%5BClick+here+for+information+about+joining+the+class+action%5D\" rel=\"nofollow noopener noreferrer\">[Click here for information about joining the class action]<\/a>\n      <\/p>\n<p>XL Fleet provides vehicle electrification solutions for commercial and municipal fleets in <span class=\"xn-location\">North America<\/span>. The Company offers hybrid and plug-in hybrid electric drive systems.<\/p>\n<p>XL Fleet formed via merger of XL Hybrids, Inc. and Pivotal Investment Corporation II (&#8220;Pivotal&#8221;), which closed on or about <span class=\"xn-chron\">December 22<\/span>, 2020.\u00a0Pivotal was a special purpose acquisition company incorporated for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities.<\/p>\n<p>The complaint alleges that throughout the Class Period, Defendants made materially false and\/or misleading statements, as well as failed to disclose material adverse facts about the Company&#8217;s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (i) XL Fleet&#8217;s salespeople were pressured to inflate their sales pipelines to boost the Company&#8217;s reported sales and backlog; (ii) at least eighteen of the thirty-three customers that XL featured were inactive and had not placed an order since 2019; (iii) XL&#8217;s technology had been materially overstated and offered only 5% to 10% of fleet savings; (iv) XL lacks the supply chain and engineers to roll out new products on the announced timelines; and (v) as a result of the foregoing, Defendants&#8217; positive statements about the Company&#8217;s business, operations, and prospects were materially misleading and\/or lacked a reasonable basis.<\/p>\n<p>On <span class=\"xn-chron\">March 3, 2021<\/span>, Muddy Waters Research (&#8220;Muddy Waters&#8221;) published a report entitled &#8220;XL Fleet Corp. (NYSE: XL): More SPAC Trash,&#8221; alleging, among other things, that salespeople &#8220;were pressured to inflate their sales pipelines materially in order to mislead XL&#8217;s board and investors&#8221; and that &#8220;customer reorder rates are in reality quite low&#8221; due to &#8220;poor performance and regulatory issues.&#8221; Citing interviews with former employees, the report alleged that &#8220;at least 18 of 33 customers XL featured were inactive.&#8221;\u00a0Muddy Waters also claimed that XL Fleet has &#8220;weak technology&#8221; and that &#8220;XL&#8217;s announcement of future class 7-8 upfits seems highly promotional&#8221; because the task is &#8220;too technologically complex for XL engineers to deliver on the promised timeline.&#8221;<\/p>\n<p>On this news, the Company&#8217;s share price fell <span class=\"xn-money\">$2.09<\/span> per share, or 13%, to close at <span class=\"xn-money\">$13.86<\/span> per share on <span class=\"xn-chron\">March 3, 2021<\/span>, on unusually heavy trading volume. The share price continued to decline by <span class=\"xn-money\">$2.69<\/span> per share, or 19.4%, over two consecutive trading sessions to close at <span class=\"xn-money\">$11.17<\/span> per share on <span class=\"xn-chron\">March 5, 2021<\/span>, on unusually heavy trading volume.<\/p>\n<p>The Pomerantz Firm, with offices in <span class=\"xn-location\">New York<\/span>, <span class=\"xn-location\">Chicago<\/span>, <span class=\"xn-location\">Los Angeles<\/span>, and <span class=\"xn-location\">Paris<\/span> is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late <span class=\"xn-person\">Abraham L. Pomerantz<\/span>, 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 <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3119631-10&amp;h=1327968247&amp;u=http%3A%2F%2Fwww.pomerantzlaw.com%2F&amp;a=www.pomerantzlaw.com\" rel=\"nofollow noopener noreferrer\">www.pomerantzlaw.com<\/a><\/p>\n<p>\n        <b>CONTACT:<br \/><\/b><br \/>\n        <span class=\"xn-person\">Robert S. Willoughby<\/span><br \/>\n        <br \/>Pomerantz LLP<br \/><a target=\"_blank\" href=\"mailto:rswilloughby@pomlaw.com\" rel=\"nofollow noopener noreferrer\">rswilloughby@pomlaw.com<\/a><br \/>888-476-6529 ext. 7980<\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=DC33124&amp;sd=2021-04-06\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-xl-fleet-corp-of-class-action-lawsuit-and-upcoming-deadline--xl-301262649.html\">http:\/\/www.prnewswire.com\/news-releases\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-xl-fleet-corp-of-class-action-lawsuit-and-upcoming-deadline&#8211;xl-301262649.html<\/a><\/p>\n<p>SOURCE  Pomerantz LLP<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=DC33124&amp;Transmission_Id=202104060510PR_NEWS_USPR_____DC33124&amp;DateId=20210406\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire NEW YORK, April 6, 2021 \/PRNewswire\/ &#8212;\u00a0Pomerantz LLP announces that a class action lawsuit has been filed against XL Fleet Corp. (&#8220;XL Fleet&#8221; or the &#8220;Company&#8221;) (NYSE: XL) and certain of its officers. The class action, filed in the United States District Court for the Southern District of New York, and docketed under 21-cv-02171, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired XL Fleet securities between October 2, 2020 and March 2, 2021, inclusive (the &#8220;Class Period&#8221;). Plaintiff pursues claims against the Defendants under the Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;). If you are a shareholder who purchased XL Fleet securities during the Class &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-xl-fleet-corp-of-class-action-lawsuit-and-upcoming-deadline-xl-5\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in XL Fleet Corp. of Class Action Lawsuit and Upcoming Deadline &#8211; XL&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-471307","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in XL Fleet Corp. of Class Action Lawsuit and Upcoming Deadline - XL - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-xl-fleet-corp-of-class-action-lawsuit-and-upcoming-deadline-xl-5\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in XL Fleet Corp. of Class Action Lawsuit and Upcoming Deadline - XL - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire NEW YORK, April 6, 2021 \/PRNewswire\/ &#8212;\u00a0Pomerantz LLP announces that a class action lawsuit has been filed against XL Fleet Corp. (&#8220;XL Fleet&#8221; or the &#8220;Company&#8221;) (NYSE: XL) and certain of its officers. The class action, filed in the United States District Court for the Southern District of New York, and docketed under 21-cv-02171, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired XL Fleet securities between October 2, 2020 and March 2, 2021, inclusive (the &#8220;Class Period&#8221;). Plaintiff pursues claims against the Defendants under the Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;). If you are a shareholder who purchased XL Fleet securities during the Class &hellip; Continue reading &quot;SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in XL Fleet Corp. of Class Action Lawsuit and Upcoming Deadline &#8211; XL&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-xl-fleet-corp-of-class-action-lawsuit-and-upcoming-deadline-xl-5\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-06T09:13:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=DC33124&amp;sd=2021-04-06\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-xl-fleet-corp-of-class-action-lawsuit-and-upcoming-deadline-xl-5\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-xl-fleet-corp-of-class-action-lawsuit-and-upcoming-deadline-xl-5\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in XL Fleet Corp. of Class Action Lawsuit and Upcoming Deadline &#8211; 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(&#8220;XL Fleet&#8221; or the &#8220;Company&#8221;) (NYSE: XL) and certain of its officers. The class action, filed in the United States District Court for the Southern District of New York, and docketed under 21-cv-02171, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired XL Fleet securities between October 2, 2020 and March 2, 2021, inclusive (the &#8220;Class Period&#8221;). Plaintiff pursues claims against the Defendants under the Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;). If you are a shareholder who purchased XL Fleet securities during the Class &hellip; Continue reading \"SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in XL Fleet Corp. of Class Action Lawsuit and Upcoming Deadline &#8211; XL\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-xl-fleet-corp-of-class-action-lawsuit-and-upcoming-deadline-xl-5\/","og_site_name":"Market Newsdesk","article_published_time":"2021-04-06T09:13:17+00:00","og_image":[{"url":"https:\/\/c212.net\/c\/img\/favicon.png?sn=DC33124&amp;sd=2021-04-06","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-xl-fleet-corp-of-class-action-lawsuit-and-upcoming-deadline-xl-5\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-xl-fleet-corp-of-class-action-lawsuit-and-upcoming-deadline-xl-5\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in XL Fleet Corp. of Class Action Lawsuit and Upcoming Deadline &#8211; 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