{"id":472980,"date":"2021-04-07T11:03:24","date_gmt":"2021-04-07T15:03:24","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=472980"},"modified":"2021-04-07T11:03:24","modified_gmt":"2021-04-07T15:03:24","slug":"the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-xl-fleet-corp-xl-investors-2","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-xl-fleet-corp-xl-investors-2\/","title":{"rendered":"The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of XL Fleet Corp. (XL) Investors"},"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\">LOS ANGELES<\/span>, <span class=\"xn-chron\">April 7, 2021<\/span> \/PRNewswire\/ &#8212;\u00a0<a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3118430-1&amp;h=1578483629&amp;u=https%3A%2F%2Fwww.frankcruzlaw.com%2F&amp;a=The+Law+Offices+of+Frank+R.+Cruz\" rel=\"nofollow noopener noreferrer\">The Law Offices of <span class=\"xn-person\">Frank R. Cruz<\/span><\/a> announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired XL Fleet Corp. (&#8220;XL Fleet&#8221; or the &#8220;Company&#8221;) (NYSE: XL) securities between <b><span class=\"xn-chron\">October 2, 2020<\/span> and <span class=\"xn-chron\">March 2, 2021<\/span><\/b>, inclusive (the &#8220;Class Period&#8221;). XL Fleet investors have until <b><span class=\"xn-chron\">May 7, 2021<\/span><\/b>to file a lead plaintiff motion.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/1221557\/The_Law_Offices_of_Frank_R_Cruz_Logo.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/1221557\/The_Law_Offices_of_Frank_R_Cruz_Logo.jpg\" title=\"(PRNewsfoto\/The Law Offices of Frank R. Cru)\" alt=\"(PRNewsfoto\/The Law Offices of Frank R. Cru)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>If you are a shareholder who suffered a loss, click <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3118430-1&amp;h=1852967294&amp;u=https%3A%2F%2Fwww.frankcruzlaw.com%2Fcases%2Fxl-fleet-corp%2F&amp;a=here\" rel=\"nofollow noopener noreferrer\">here<\/a> to participate.<\/p>\n<p>On <span class=\"xn-chron\">March 3, 2021<\/span>, Muddy Waters Research 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; Muddy Waters also claimed that XL 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 stock price fell <span class=\"xn-money\">$2.09<\/span>, 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>, 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 complaint filed in this class action 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: (1) that XL Fleet&#8217;s salespeople were pressured to inflate their sales pipelines to boost the Company&#8217;s reported sales and backlog; (2) that at least 18 of the 33 customers that XL featured were inactive and had not placed an order since 2019; (3) that XL&#8217;s technology had been materially overstated and offered only 5% to 10% of fleet savings; (4) that XL lacks the supply chain and engineers to roll out new products on the announced timelines; and (5) that, 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>Follow us for updates on Twitter: <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3118430-1&amp;h=2746509325&amp;u=https%3A%2F%2Ftwitter.com%2FFRC_LAW&amp;a=twitter.com%2FFRC_LAW\" rel=\"nofollow noopener noreferrer\">twitter.com\/FRC_LAW<\/a>.<\/p>\n<p>If you purchased XL Fleet securities during the Class Period, you may move the Court no later than <b><span class=\"xn-chron\">May 7, 2021<\/span><\/b>to ask the Court to appoint you as lead plaintiff.\u00a0 To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class.\u00a0 If you purchased XL Fleet securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact <span class=\"xn-person\">Frank R. Cruz<\/span>, of The Law Offices of <span class=\"xn-person\">Frank R. Cruz<\/span>, 1999 Avenue of the Stars, Suite 1100, <span class=\"xn-location\">Los Angeles, California<\/span> 90067 at 310-914-5007, by email to <a target=\"_blank\" href=\"mailto:info@frankcruzlaw.com\" rel=\"nofollow noopener noreferrer\">info@frankcruzlaw.com<\/a>, or visit our website at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3118430-1&amp;h=2581090863&amp;u=https%3A%2F%2Fwww.frankcruzlaw.com%2F&amp;a=www.frankcruzlaw.com\" rel=\"nofollow noopener noreferrer\">www.frankcruzlaw.com<\/a>. \u00a0If you inquire by email please include your mailing address, telephone number, and number of shares purchased.<\/p>\n<p>This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.<\/p>\n<p>\n        <b>Contacts<\/b>\n      <\/p>\n<p>The Law Offices of <span class=\"xn-person\">Frank R. Cruz<\/span>, <span class=\"xn-location\">Los Angeles<\/span><br \/><span class=\"xn-person\">Frank R. Cruz<\/span>, 310-914-5007<br \/><a target=\"_blank\" href=\"mailto:fcruz@frankcruzlaw.com\" rel=\"nofollow noopener noreferrer\">fcruz@frankcruzlaw.com<\/a><br \/><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3118430-1&amp;h=2866579224&amp;u=http%3A%2F%2Fwww.frankcruzlaw.com%2F&amp;a=www.frankcruzlaw.com\" rel=\"nofollow noopener noreferrer\">www.frankcruzlaw.com<\/a><\/p>\n<p>\u00a0<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\"><\/div>\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=LA31769&amp;sd=2021-04-07\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-xl-fleet-corp-xl-investors-301261903.html\">http:\/\/www.prnewswire.com\/news-releases\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-xl-fleet-corp-xl-investors-301261903.html<\/a><\/p>\n<p>SOURCE  The Law Offices of <span class=\"xn-person\">Frank R. Cruz<\/span>, <span class=\"xn-location\">Los Angeles<\/span><\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=LA31769&amp;Transmission_Id=202104071100PR_NEWS_USPR_____LA31769&amp;DateId=20210407\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire LOS ANGELES, April 7, 2021 \/PRNewswire\/ &#8212;\u00a0The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired XL Fleet Corp. (&#8220;XL Fleet&#8221; or the &#8220;Company&#8221;) (NYSE: XL) securities between October 2, 2020 and March 2, 2021, inclusive (the &#8220;Class Period&#8221;). XL Fleet investors have until May 7, 2021to file a lead plaintiff motion. If you are a shareholder who suffered a loss, click here to participate. On March 3, 2021, Muddy Waters Research 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 &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-xl-fleet-corp-xl-investors-2\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of XL Fleet Corp. (XL) Investors&#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-472980","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of XL Fleet Corp. (XL) Investors - 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\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-xl-fleet-corp-xl-investors-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of XL Fleet Corp. (XL) Investors - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire LOS ANGELES, April 7, 2021 \/PRNewswire\/ &#8212;\u00a0The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired XL Fleet Corp. (&#8220;XL Fleet&#8221; or the &#8220;Company&#8221;) (NYSE: XL) securities between October 2, 2020 and March 2, 2021, inclusive (the &#8220;Class Period&#8221;). XL Fleet investors have until May 7, 2021to file a lead plaintiff motion. If you are a shareholder who suffered a loss, click here to participate. On March 3, 2021, Muddy Waters Research 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 &hellip; Continue reading &quot;The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of XL Fleet Corp. 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(&#8220;XL Fleet&#8221; or the &#8220;Company&#8221;) (NYSE: XL) securities between October 2, 2020 and March 2, 2021, inclusive (the &#8220;Class Period&#8221;). XL Fleet investors have until May 7, 2021to file a lead plaintiff motion. If you are a shareholder who suffered a loss, click here to participate. On March 3, 2021, Muddy Waters Research 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 &hellip; Continue reading \"The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of XL Fleet Corp. (XL) Investors\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-xl-fleet-corp-xl-investors-2\/","og_site_name":"Market Newsdesk","article_published_time":"2021-04-07T15:03:24+00:00","og_image":[{"url":"https:\/\/mma.prnewswire.com\/media\/1221557\/The_Law_Offices_of_Frank_R_Cruz_Logo.jpg","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\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-xl-fleet-corp-xl-investors-2\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-xl-fleet-corp-xl-investors-2\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"The Law Offices of Frank R. 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