{"id":476487,"date":"2021-04-14T17:03:05","date_gmt":"2021-04-14T21:03:05","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/bragar-eagel-squire-p-c-reminds-investors-that-class-action-lawsuits-have-been-filed-against-range-resources-workhorse-group-plug-power-and-xl-fleet-corp-and-encourages-investors-to-contac\/"},"modified":"2021-04-14T17:03:05","modified_gmt":"2021-04-14T21:03:05","slug":"bragar-eagel-squire-p-c-reminds-investors-that-class-action-lawsuits-have-been-filed-against-range-resources-workhorse-group-plug-power-and-xl-fleet-corp-and-encourages-investors-to-contac","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/bragar-eagel-squire-p-c-reminds-investors-that-class-action-lawsuits-have-been-filed-against-range-resources-workhorse-group-plug-power-and-xl-fleet-corp-and-encourages-investors-to-contac\/","title":{"rendered":"Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Range Resources, Workhorse Group, Plug Power, and XL Fleet Corp. and Encourages Investors to Contact the Firm"},"content":{"rendered":"
\n

NEW YORK, April 14, 2021 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Range Resources Corporation (NYSE: RRC), Workhorse Group, Inc. (NASDAQ: WKHS), Plug Power, Inc. (NASDAQ: PLUG), and XL Fleet Corp. (NYSE: XL). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.<\/p>\n

\n Range Resources Corporation (NYSE: RRC) <\/strong>\n <\/p>\n

Class Period: April 29, 2016 to February 10, 2021<\/p>\n

Lead Plaintiff Deadline: May 3, 2021<\/p>\n

Range Resources operates as an independent natural gas, natural gas liquids (\u201cNGLs\u201d), and oil company in the U.S. The Company and its subsidiary, Range Resources \u2013 Appalachia, LLC, engage in the exploration, development, and acquisition of natural gas and oil properties in, among other U.S. regions, Fayette County, Pennsylvania. As of December 31, 2019, the Company purportedly owned and operated 1,272 net producing wells in the Appalachian region, including Pennsylvania. Pennsylvania\u2019s Department of Environmental Protection (the \u201cDEP\u201d) enforces the regulations governing the correct designation of a well\u2019s status.<\/p>\n

On February 10, 2021, the DEP issued a press release announcing that Range Resources had paid a $294,000 civil penalty to the agency on January 8, 2021 for violating the 2012 Oil and Gas Act. The DEP had begun investigating the Company after the agency found conflicting and inaccurate information on the status of a Company well in Fayette County, Pennsylvania\u2014specifically concerning whether the well in question was correctly designated as inactive for the purposes of DEP regulation. After subpoenaing Range Resources for information on other wells the Company had requested to designate as inactive, the DEP found that \u201cbetween Tuesday, July 16, 2013, and Monday, October 11, 2017, 42 of Range Resources\u2019 conventional wells were placed on inactive status but were never used again\u201d and that several of the Company\u2019s \u201cwells had not been in use for 12 months at the time Range Resources submitted its applications for inactive status,\u201d even though \u201cafter 12 consecutive months of no production, the well would be classified as abandoned and must be plugged.\u201d In addition to paying the DEP\u2019s civil penalty, Range Resources was ultimately required to plug the wells the agency identified as having no viable future use to remediate the issue.<\/p>\n

The following day, Range Resources\u2019 stock price fell $0.62 per share, or 6.08%, from its closing price on February 10, 2021, to close at $9.57 per share on February 11, 2021.<\/p>\n

The complaint, filed on March 4, 2021, alleges that throughout the Class Period defendants made materially false and misleading statements regarding the Company\u2019s business, operations, and compliance policies. Specifically, defendants made false and\/or misleading statements and\/or failed to disclose that: (i) Range Resources had improperly designated the status of its wells in Pennsylvania since at least 2013; (ii) the foregoing conduct subjected the Company to a heightened risk of regulatory investigation and enforcement, as well as artificially decreased the Company\u2019s periodically reported cost estimates to plug and abandon its wells; (iii) the Company was the subject of a DEP investigation from sometime between September 2017 to January 2021 for improperly designating the status of its wells; (iv) the DEP investigation foreseeably would and ultimately did lead to the Company incurring regulatory fines; and (v) as a result, the Company\u2019s public statements were materially false and misleading at all relevant times.<\/p>\n

For more information on the Range Resources class action go to: https:\/\/bespc.com\/cases\/RRC<\/a><\/p>\n

\n Workhorse Group, Inc. (NASDAQ: WKHS) <\/strong>\n <\/p>\n

Class Period: July 7, 2020 to February 23, 2021<\/p>\n

Lead Plaintiff Deadline: May 7, 2021<\/p>\n

In 2016, the United States Postal Service (\u201cUSPS\u201d) announced the USPS Next Generation Delivery Vehicle (\u201cNGDV\u201d) project, a competitive multiyear acquisition process for replacing approximately 165,000 package delivery vehicles. Workhorse was one of the companies vying for the NGDV contract, which was thought to be worth approximately $6.3 billion.<\/p>\n

On February 23, 2021, while the market was open, the USPS issued a press release entitled: U.S. Postal Service Awards Contract to Launch MultiBillion-Dollar Modernization of Postal Delivery Vehicle Fleet<\/em>. The press release announced that Oshkosh Defense \u2013 not Workhorse \u2013 had won the lucrative NGDV contract.<\/p>\n

On this news, securities of Workhorse fell $14.88 per share, or 47%, to close at $16.47 in the regular session on February 23, 2021. The price continued to drop in after-hours trading and opened on February 24, 2021 at a price of $14.07, a fall of over 50% from the previous open, damaging investors.<\/p>\n

The complaint, filed on March 8, 2021, alleges that throughout the Class Period defendants made false and\/or misleading statements and\/or failed to disclose that: (1) the Company was merely hoping that USPS was going to select an electric vehicle as its Next Generation Delivery Vehicle, and had no assurance or indication from USPS that this was the case; (2) the Company had concealed the fact that \u2013 as revealed by the postmaster general in explaining the ultimate decision not to select an electric vehicle \u2013 electrifying the USPS\u2019s entire fleet would be impractical and astronomically expensive; and (3) as a result, defendants\u2019 statements about Workhorse\u2019s business, operations, and prospects, were materially false and misleading and\/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.<\/p>\n

For more information on the Workhorse class action go to: https:\/\/bespc.com\/cases\/WKHS<\/a><\/p>\n

\n Plug Power, Inc. (NASDAQ: PLUG) <\/strong>\n <\/p>\n

Class Period: November 9, 2020 to March 1, 2021<\/p>\n

Lead Plaintiff Deadline: May 7, 2021<\/p>\n

On March 2, 2021, before the market opened, Plug filed a Notification of Late Filing with the SEC stating that it could not timely file its annual report for the period ended December 31, 2020 because the Company was completing a \u201creview and assessment of the treatment of certain costs with regards to classification between Research and Development versus Costs of Goods Sold, the recoverability of right of use assets associated with certain leases, and certain internal controls over these and other areas.\u201d The Company stated that \u201c[i]t is possible that one or more of these items may result in charges or adjustments to current and\/or prior period financial statements.\u201d<\/p>\n

On this news, the Company\u2019s stock price fell $3.68, or 7%, to close at $48.78 per share on March 2, 2021. The share price continued to decline by $9.48, or 19.4%, over three consecutive trading sessions to close at $39.30 per share on March 5, 202.<\/p>\n

The complaint, filed on March 8, 2021, 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\u2019s business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that the Company would be unable to timely file its 2020 annual report due to delays related to the review of classification of certain costs and the recoverability of the right to use assets with certain leases; (2) that the Company was reasonably likely to report material weaknesses in its internal control over financial reporting; and (3) that, as a result of the foregoing, defendants\u2019 positive statements about the Company\u2019s business, operations, and prospects were materially misleading and\/or lacked a reasonable basis.<\/p>\n

For more information on the Plug Power class action go to: https:\/\/bespc.com\/cases\/PLUG<\/a><\/p>\n

\n XL Fleet Corp. (NYSE: XL)<\/strong>\n <\/p>\n

Class Period: September 2, 2020 to March 2, 2021<\/p>\n

Lead Plaintiff Deadline: May 7, 2021<\/p>\n

On March 3, 2021, Muddy Waters Research published a report entitled \u201cXL Fleet Corp. (NYSE: XL): More SPAC Trash,\u201d alleging, among other things, that salespeople \u201cwere pressured to inflate their sales pipelines materially in order to mislead XL\u2019s board and investors\u201d and that \u201ccustomer reorder rates are in reality quite low\u201d due to \u201cpoor performance and regulatory issues.\u201d Citing interviews with former employees, the report alleged that \u201cat least 18 of 33 customers XL featured were inactive.\u201d Muddy Waters also claimed that XL has \u201cweak technology\u201d and that \u201cXL\u2019s announcement of future class 7-8 upfits seems highly promotional\u201d because the task is \u201ctoo technologically complex for XL engineers to deliver on the promised timeline.\u201d<\/p>\n

On this news, the Company\u2019s stock price fell $2.09, or 13%, to close at $13.86 per share on March 3, 2021. The share price continued to decline by $2.69, or 19.4%, over two consecutive trading sessions to close at $11.17 per share on March 5, 2021.<\/p>\n

The complaint, filed on March 8, 2021, 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\u2019s business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that XL Fleet\u2019s salespeople were pressured to inflate their sales pipelines to boost the Company\u2019s 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\u2019s 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\u2019 positive statements about the Company\u2019s business, operations, and prospects were materially misleading and\/or lacked a reasonable basis.<\/p>\n

For more information on the XL Fleet class action go to: https:\/\/bespc.com\/cases\/XL<\/a><\/p>\n

\n About Bragar Eagel & Squire, P.C.:<\/strong>
\n
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com<\/u><\/a>. Attorney advertising. Prior results do not guarantee similar outcomes.<\/p>\n

\n Contact Information:<\/strong>
\n
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com<\/u><\/a>
www.bespc.com<\/u><\/a><\/p>\n

\n
\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

NEW YORK, April 14, 2021 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Range Resources Corporation (NYSE: RRC), Workhorse Group, Inc. (NASDAQ: WKHS), Plug Power, Inc. (NASDAQ: PLUG), and XL Fleet Corp. (NYSE: XL). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided. Range Resources Corporation (NYSE: RRC) Class Period: April 29, 2016 to February 10, 2021 Lead Plaintiff Deadline: May 3, 2021 Range Resources operates as an independent natural gas, natural gas liquids (\u201cNGLs\u201d), and oil company in the U.S. The … <\/p>\n

Continue reading “Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Range Resources, Workhorse Group, Plug Power, and XL Fleet Corp. and Encourages Investors to Contact the Firm”<\/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-476487","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nBragar Eagel & Squire, P.C. 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Reminds Investors That Class Action Lawsuits Have Been Filed Against Range Resources, Workhorse Group, Plug Power, and XL Fleet Corp. and Encourages Investors to Contact the Firm - Market Newsdesk","og_description":"NEW YORK, April 14, 2021 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Range Resources Corporation (NYSE: RRC), Workhorse Group, Inc. (NASDAQ: WKHS), Plug Power, Inc. (NASDAQ: PLUG), and XL Fleet Corp. (NYSE: XL). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided. Range Resources Corporation (NYSE: RRC) Class Period: April 29, 2016 to February 10, 2021 Lead Plaintiff Deadline: May 3, 2021 Range Resources operates as an independent natural gas, natural gas liquids (\u201cNGLs\u201d), and oil company in the U.S. The … Continue reading \"Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Range Resources, Workhorse Group, Plug Power, and XL Fleet Corp. and Encourages Investors to Contact the Firm\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/bragar-eagel-squire-p-c-reminds-investors-that-class-action-lawsuits-have-been-filed-against-range-resources-workhorse-group-plug-power-and-xl-fleet-corp-and-encourages-investors-to-contac\/","og_site_name":"Market Newsdesk","article_published_time":"2021-04-14T21:03:05+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODIxNzA2NSM0MTIxMjIyIzIxMDAzOTg=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"8 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/bragar-eagel-squire-p-c-reminds-investors-that-class-action-lawsuits-have-been-filed-against-range-resources-workhorse-group-plug-power-and-xl-fleet-corp-and-encourages-investors-to-contac\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/bragar-eagel-squire-p-c-reminds-investors-that-class-action-lawsuits-have-been-filed-against-range-resources-workhorse-group-plug-power-and-xl-fleet-corp-and-encourages-investors-to-contac\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Bragar Eagel & Squire, P.C. 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